Mastercard and Paycode join forces to boost access to financial services in rural areas across Africa
Mastercard has teamed up with Africa’s global startup engagement program Start Path and startup Paycode to deliver their offerings into a single biometric smart card aimed at increasing access to critical services while advancing economic inclusion among Africans living in remote communities.
Mastercard’s Community Pass platform will feature in Paycode’s Electronic Data and Payments Technology platform (EDAPT) that provides secure biometric identity including a digital bank account.
Individuals will have access to both offline and real-time digital finance services regardless of whether they lack a formal identity document such as a passport or birth certificate.
Read also: BCI Holding receives US$30mn from IFC to aid its expansion drive-in Africa
Both Paycode and Mastercard deliver a smooth path to prosperity that enables users to manage their day-to-day needs particularly paying school fees, getting families vaccinated, selling goods, and growing the business.
To enable this, Community Pass allows people a person’s face or palm to get recognized at their respective offline and online locations while maintaining seamless access to health, financial, agricultural, or aid services across different providers.
The partnership aims to onboard 30 million individuals residing remotely across several unconnected areas in Africa within the next three years providing access to products and services through the use of a Community Pass biometric smart card which runs on Paycode’s EDAPT platform.
Ricardo Pareja from Mastercard described the adding of Inclusive ID functionality to Paycode biometric smart cards “helps reach those currently excluded from critical government programs.”
Paycode CEO Ralph Pecker mentioned how they are “proud to partner with global leaders like Mastercard” where they jointly affect positive change for people on the ground while driving innovation in financial service delivery deep into rural areas.
Click here to find out more!
The partnership’s goal is to onboard 30 million individuals living in remote, unconnected areas of Africa over the next three years, enabling them to access the products and services they need with a Community Pass biometric smart card that runs on Paycode’s EDAPT platform.
“As Paycode we are proud to partner with global leaders like Mastercard to effect positive change for people on the ground and drive innovation in financial services delivery in deep rural areas. As leaders in last-mile delivery and proof of life financial services technology, we play the important role of providing solutions that bring tremendous growth and financial access offline in real-time to the financial and technology sectors in Africa,” said Pecker.
On the other hand, Selim Ergoz, Vice President, Business Development – Governments at Mastercard said: “We believe that shared digital tools and scalable channels can drastically improve the reach and access to services, by reducing the cost to serve those communities as well as improving the effectiveness of service delivery. At Mastercard, we are committed to building an inclusive, sustainable economy where everyone has the opportunity to reach their potential,”
“Our trusted network powers digital transactions every day, making them safe, simple, and smart and we apply this innovation to the most connected and the most remote communities around the world. By partnering with Paycode we will bring Mastercard’s suite of inclusion products to people in Africa that were previously unreachable, and that’s a game-changer.”
Read the original article here
