Crown Agents Bank and South Africa's biometric payments specialist Paycode have joined forces to serve unbanked communities across sub-Saharan Africa
As part of the joint effort, Crown Agents Bank will avail its extensive African FX and payment network to advance Paycode’s product offering and support financial inclusion in sub-Saharan Africa.
The two companies noted that they share a common mission: making payments to and from frontier markets easier, faster, more secure and cost-effective.
Albert Maasland, CEO of Crown Agents Bank, said, “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.”
Ralph Pecker, CEO of Paycode, commented, “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.”