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May 24, 2022

Sokin signs partnership deal with Mastercard for Middle East and Africa

Sokin, a fintech payment firm, has signed a multi-year partnership deal with Mastercard to support the introduction of its fixed-price payment services across new markets in the Middle East and Africa (MEA).

This collaboration is an extension of current agreements earlier announced in the UK, Europe, South Asia, Singapore, Latin America, Mexico and Brazil.

The payment firm will leverage Mastercard’s digital-first banking solutions and card services to boost its footprint and roll out of its next-generation card programmes for businesses and consumers.

The Sokin Card will be available in 39 countries in the MEA, including Gulf Cooperation Council (GCC) countries, Nigeria and South Africa.

Mastercard’s collaboration with Sokin is expected to tap over 35 million migrant workers in the MEA with ‘cost-effective’ solutions and support those who regularly transfer and receive money from across the world.

Sokin aims to tap the region’s 578 million population with an alternative to conventional 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.”

Sokin offers unlimited international money transfers and payments with no mark-up on transactions or hidden fees to consumers in 39 new countries.

Its technology makes the process easy as it is hosted in universal peer-to-peer mobile app.

Customers can gain access to a large portfolio of currencies through an app interface which stays the same, irrespective of the user’s location and is accessible in five languages – English, French, Portuguese, Spanish and German.

Mastercard market development for Eastern Europe, Middle East and Africa executive vice president Amnah Ajmal said: “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.”

Last week, Mastercard announced that it is set to pilot new technology to allow shoppers to make payments with a smile or wave of the hand at checkouts.

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