The programme will assist Paycode to further its efforts of increasing financial inclusion across the continent with the use of EDAPT, a biometric identity and payments platform.
Paycode CEO Ralph Pecker explains that the programme will bolster its efforts to provide Africans with access to affordable financial services.
“Our selection by Mastercard to join the Start Path program will help us achieve our mission to provide 100 million Africans with low-cost access to basic financial services. People in deep rural areas who have no connectivity will be able to receive payments, make purchases, and get access to credit and more without leaving their villages.”
Founded in 2016, Paycode has established itself as an award-winning and innovative fintech startup, after more recently being accoladed at the 2020 Inclusive Fintech Awards (see this story).
Paycode provides biometric digital identity and low-cost access to basic financial services in rural areas. The fintech startup is operational in Botswana, Ghana, Guinea, Mozambique, Namibia, Nigeria, Uganda, Zambia, and South Africa.
Mastercard’s Start Path is an award-winning engagement programme targeted at startups. The initiative connects a network of innovators from across the world with the aim of generating new and cutting edge innovations for the commerce industry.
As a selected participant, Paycode will gain valuable insight from the network of Mastercard experts, technologies, and channels.
Amy Neale, Senior Vice President, Start Path & Fintech at Mastercard provides insight into their selection of Paycode.
“We are seeing an accelerated shift to digital – the bedrock of fintech – and evolving consumer habits which have created an immediate need for new solutions. Mastercard has selected Paycode to join its Start Path ecosystem of innovators and will provide them with the tools, resources, and the mentorship they need for success on their scaling journey.”
Founded in 2014, the Mastercard Start Path programme has reportedly had over 250 startups participate in the initiative and these startups have raised $2.9-billion in venture capital.