• Biotech company helps the unbanked and underserved

    Date:29 January 2020 Author: Leila Stein Tags:, ,

    Johannesburg-based fintech company Paycode is reaching those beyond the formal financial structures with their biometric technology and offline payments.

    Across the world there are roughly 1.7 billion people unbanked, meaning they have no bank account and therefore no access to banking institutions. Unsurprisingly, many of these people are found in the rural areas of underdeveloped countries. Being unbanked excludes people from gaining easy access to money, through mechanisms like wages which are paid to an account.

    In addition, those that might have a bank account, meaning they are not unbanked, may still struggle to access financial services which would help them such as loans or grants, which means they form part of the banked who are underserved.

    This is where companies like Paycode come in. They are using technology and on the ground solutions to help those who are unbanked and underserved access the capital they need. They are helping bring social grants to those living in rural areas with little access to the internet or brick-and-mortar institutions.

    “Our focus is enabling financial inclusion through innovative technology that really works, even in the world’s most remote places,” said Paycode CEO, Ralph Pecker.

    In Mozambique the company has already integrated 18,000 Mozambicans from the most rural areas, delivering cash for social grants using 4×4 trucks.

    “The combination of biometric authentication and the ability to make payments offline in real-time is a winning solution which meets all the criteria for successfully paying social grants in remote locations,” said Rob Bakker, the Project Manager for INAS’s social grants program.

    Image: Supplied

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