- Crown Agents Bank and Paycode will work together to deliver a new service aimed at people in Sub-Saharan Africa who are at present unbanked.
- Crown Agents Bank offers a payments system and a foreign exchange provider.
- “We are delighted to be chosen by Paycode to provide them with a range of financial services to support their important projects across Africa,” said a spokesperson for Crown Agents Bank.
South African financial services app provider Paycode has announced that it will work alongside a British bank as part of a new venture aimed at helping people with limited access to financial services.
The firm will work alongside Crown Agents Bank, which has a foreign exchange network and an international money transfer payment system to its name.
As part of a commitment to building a more financially inclusive environment in Sub-Saharan Africa, the two firms aim to transform global payments by making them simpler and more cost-friendly.
As part of the new collaboration, the firms will also offer a safer and speedier service to customers.
According to Ralph Pecker, who serves as the chief executive officer of Paycode, the firm is “incredibly excited” about the scope of the new arrangement.
“We are incredibly excited to be partnering with Crown Agents Bank to serve our expanding client base,” he said.
“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.”
He went on to add that the collaboration pertained to an important part of the firm’s product strategy.
“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,” he said.
For Crown Agents Bank, its chief executive officer Albert Maasland expressed his happiness at the news.
“We are delighted to be chosen by Paycode to provide them with a range of financial services to support their important projects across Africa,” he said.
“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,” he added.
He also used the opportunity to praise Paycode’s use of innovative technology, which he said would be especially useful in the context of “remote unbanked communities in deep rural locations”.
“Paycode’s biometric payment solution creates and sustains financial ecosystems, reaching entire populations, including the most remote unbanked communities in deep rural locations,” he said.
“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,” he added.
Companies in the cross-border payments sector are always announcing exciting new projects like this one.
Check out more stories about what’s happening in the sector over at our news pages.
