Sokin, the new generation fintech payment firm, has signed a comprehensive partnership agreement with Mastercard to support the rollout of its fixed-price payment services across new markets in the Middle East and Africa.
Sokin will leverage Mastercard’s trusted and secure digital-first banking solutions and card services to expand its footprint and launch its next-generation card programs for businesses and consumers.
The Sokin Card will be available in 39 countries in the Middle East and Africa, including Gulf Cooperation Council (GCC) countries, Nigeria and South Africa.
The multi-year agreement will see Mastercard collaborating with Sokin to offer cost-effective solutions to more than 35 million migrant workers in the Middle East and Africa, while also supporting those who regularly transfer and receive money to loved ones around the world. Sokin also looks to transform the Middle Eastern and African financial services landscape on a local scale by giving the region’s 578 million population an alternative to traditional banking services.
“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,” said Kaushik Sthankiya, Chief Commercial Officer, Sokin.
From 2022, Sokin will offer consumers in 39 new countries unlimited international money transfers and payments with no mark-up on transactions or hidden fees.
Its proprietary technology makes the process easy, hosted in a secure, universal peer-to-peer mobile app. Customers can access a large portfolio of currencies via an app interface which remains the same – no matter the user’s location – and is accessible in five languages: English, French, Portuguese, Spanish and German.
A universal tool, Sokin’s payments solution has been designed to encourage and help people around the world – no matter location, circumstance, or economic status – to fulfil their financial potential.
“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,” said Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, Mastercard.
The collaboration is an extension of existing agreements previously announced in the UK, Europe, South Asia, Singapore, Latin America, Mexico and Brazil, to help consumers make transactions on their own terms.