Paycode partners with Crown Agents Bank to serve unbanked Africans

Source: IBS Intelligence 2020-07-16

Crown Agents Bank, a UK regulated provider of wholesale foreign exchange (FX) and cross-border payments services, has announced that the company has collaborated with Paycode, a South African FinTech giving biometric identity and access to financial services to the unbanked.

Under the partnership, Crown Agents Bank will avail it’s extensive African FX and payment network to enhance Paycode’s product offering and support financial inclusion in Sub-Saharan Africa. Together the companies are aiming to reach 100 million individuals in the next few years.

“We are delighted to be chosen by Paycode to provide them with a range of financial services to support their important projects across Africa. This partnership is strategically aligned to our objective to help reduce the costs associated with remittances and meeting the FX and payment requirements of projects on the ground in countries across Sub-Saharan Africa. Paycode’s biometric payment solution creates and sustains financial ecosystems, reaching entire populations, including the most remote unbanked communities in deep rural locations. With plans to reach 100 million unbanked individuals within the next few years, Paycode is positively impacting the financial landscape in many markets in which we also already operate,” said Albert Maasland, CEO of Crown Agents Bank.

Both Crown Agents Bank and Paycode share the common mission of making payments to and from frontier markets seamless, more secure and cost effective. Their client portfolio includes international businesses with large payment flows across developing markets such as governments, banks, non-bank financial institutions, and international development organisations.

“We are incredibly excited to be partnering with Crown Agents Bank to serve our expanding client base. As a rapidly expanding fintech, this partnership will enable Paycode to provide safeguarded accounts to securely store our client’s funds ensuring they are always available for immediate disbursement. This is a critically important component of our product offering, especially as we expand beyond Africa, and when aligned to our unique real-time, online or offline last mile delivery it will really help to improve the lives of millions of people,” said Ralph Pecker, CEO of Paycode.

Recently, WorldRemit launched remittance services in Somalia.

Founded in 2016, Paycode is specialising in technology that guarantees proof of life and enables low-cost last-mile delivery of essential financial services. The FinTech provides a secure end-to-end payment gateway that makes sending and receiving payments easy.

Crown Agents Bank

Paycode

Paycode partners with Crown Agents Bank to serve unbanked Africans

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