Crown Agents Bank joins forces with Paycode to better serve African unbanked

Published // 15th July 2020

  • Biometric payments specialist Paycode and Crown Agents Bank are collaborating to serve unbanked communities across Sub-Saharan Africa 
  • The collaboration will aim to reach 100 million individuals in the next few years 

London, United Kingdom, 15th July, 2020: Crown Agents Bank Ltd has announced that it is collaborating with Paycode PTY Ltd of South Africa.

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 share a common mission: making payments to and from frontier markets easier, faster, more secure and cost-effective. Their clients include international businesses with large payment flows across developing markets such as banks, non-bank financial institutions, governments and international development organisations.

Albert Maasland, CEO of Crown Agents Bank, says, “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, comments, “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.”

Crown Agents Bank is a UK regulated provider of wholesale foreign exchange and cross-border payments services. With over 180 years of experience providing financial solutions to meet the needs of governments, development organisations, banks and non-bank financial institutions, CAB enables the facilitation of foreign exchange, payments, cash management, cross-border pensions and payroll, trade finance and investment management services. (https://www.crownagentsbank.com/)

Paycode is an award-winning FinTech company specialising in technology that guarantees proof of life and enables low cost last mile delivery of financial services. Paycode already operates in several countries across Africa, including Botswana, Ghana, Guinea, Mozambique, Namibia, Nigeria, Uganda and Zambia. They are executing their plans to expand globally and achieve a target of serving over 100 million people by 2025. (https://paycode.com/)

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