Mastercard has partnered with Monak, a fintech company based in Oman, to launch a new digital financial services platform designed to support migrant workers. The goal is to make it easier for migrants to receive their wages, send money home, and access other financial services securely and affordably.
This new platform will also help employers simplify their hiring, payroll, and onboarding processes. By reducing delays in payments and making it easier to manage expenses, the system improves both worker satisfaction and business efficiency.
Migrant workers in the Gulf Cooperation Council (GCC) region often face barriers when trying to access basic financial services. According to the UN Department of Economic and Social Affairs (UN DESA), over 30 million foreign workers live in the GCC, making up more than half of the population. This highlights the importance of solutions like Monak’s, which are tailored to their unique needs.
Monak and Mastercard aim to bridge the gap by offering a fast, affordable, and safe way to send and receive money. This also includes tools for digital literacy and financial education, helping workers feel more confident while managing their money far from home.
“Everyone deserves the freedom to thrive in the digital economy,” said Muhammad Nana, Senior Vice President of Digital Partnerships at Mastercard. “Through this partnership with Monak, we’re empowering migrant workers and helping them take part in today’s global financial system.”
Monak’s co-founder, Salim Al Shanfari, also expressed excitement about the partnership. He said this move strengthens Monak’s efforts to expand across Asia, Africa, and the Middle East, while staying true to their mission of inclusive digital growth.
The platform provides a seamless financial experience by combining money transfers, wage access, and onboarding tools in one place. This makes it easier for workers to support their families and for employers to manage teams efficiently.
Monak is also among the first Omani companies selected for the Sanabil 500 MENA Seed Accelerator Program, run by 500 Global and Sanabil Investments, further proving its commitment to innovation and financial inclusion in emerging markets.