PayTech Sokin has signed a partnership agreement with Mastercard to support the roll-out of its fixed-price payment services across the Middle East and Africa.
According to Sokin, it will leverage Mastercard’s digital-first banking solutions and card services to expand its footprint and launch its card programs for businesses and consumers.
The Sokin card will be available in 39 countries in the Middle East and Africa and will offer unlimited international money transfers and payments with no mark-up on transactions or hidden fees.
Sokin said that the multi-year agreement will see Mastercard collaborating with Sokin to offer cost-effective solutions to the over 35 million migrant workers in the MEA, while also supporting those who regularly transfer and receive money to loved ones globally.
The firm also wants to transform the MEA financial services landscape locally by fiving the region’s 578 million population an alternative to traditional banking services.
Sokin chief commercial officer Kaushik Sthankiya said, “The obstacles to accessing opportunities in the global payments ecosystem have resulted in the exclusion of millions of people that are unable to easily, and instantly, make essential payments and transfers. We’ve launched this progressive partnership with Mastercard to boost financial inclusion, helping our customers to access a wider range of financial service products across different markets, and we’re excited to provide digital payment solutions to people in the Middle East and Africa.”
Mastercard EVP for market development for Eastern Europe, Middle East and Africa Amnah Ajmal added, “As the partner of choice for fintechs around the globe, we are proud to support Sokin’s expansion to the diverse markets in the Middle East and Africa, connecting its people to global payment solutions in a digital-first, transparent and safe way. Mastercard is passionate about driving innovation through partnerships. By combining Mastercard’s trusted and secure solutions with Sokin’s innovative services, consumers will be able to benefit from wider choice and greater convenience.”
Earlier this year, Sokin launched its digital payments wallet in India, a market that generates a huge $87bn in remittances per year.
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