Payments giant Mastercard has linked up with another fintech, Sokin, to rollout new payments solutions across the Middle East and Africa.
In the last month, Mastercard has partnered with fintechs OPay and KamelPay to boost financial inclusion and develop digital payment solutions across the MEA. Mastercard has made a worldwide commitment to financial inclusion, pledging to bring 1 billion people and 50 million micro and small businesses – with a focus on 25 million women entrepreneurs – into the digital economy by 2025.
“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,” said Kaushik Sthankiya, chief commercial officer, Sokin.
The latest tie up will support London-headquartered Sokin’s rollout of its fixed-price payment services. 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 fintech says it offers “unlimited international money transfers and payments with no mark-up on transactions or hidden fees,” according to a statement.
Dubai-based Kamel Pay’s partnership with Mastercard will see the launch of two payments solutions for businesses and unbanked individuals in the UAE. The partnership with Nigeria-headquartered OPay enables consumers and merchants in the region – including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the UAE – to engage with brands and businesses anywhere across the globe.
