Biometric identity and digital payments fintech, Paycode, has been selected as one of the Top 4 Finalists in the Women’s World Banking Fintech Innovation Challenge and will be competing live at the 2023 Making Finance Work for Women Summit in Mumbai in May.
Selected from a pool of 98 highly qualified applicants across 34 countries, Paycode were judged based on rigorous criteria by an expert Advisory Committee that evaluated several factors, including product innovation, gender inclusivity, financial viability, scale potential, team experience and diversity.
Speaking about the Challenge, Marina Dimova, Global Head of Financial Industry and Network Advocacy for Women’s World Banking said, “Fintech founders develop new solutions when they see an unmet need or an underserved community, and low-income women are absolutely an underserved community. By calling on fintech innovators from around the world and inviting them to present their best ideas at the Fintech Innovation Challenge, we aim to advance women’s financial inclusion and scale growth. We look forward to seeing our finalists presenting their exciting solutions live in India this May, bringing us closer to achieving an inclusive economy for all.”
The announcement builds on Paycode’s winning streak which started in May 2022 in Mozambique after winning the Mondato Award for Digital Finance Innovation. This was followed by the UK-based Payments Association Pay360 Award (sponsored by Mastercard) where Paycode won Best Financial Inclusion Payments Initiative. Paycode was then named 2nd Runner Up in the Ecobank Fintech Challenge in October 2022 in Togo and a Top 10 Semifinalist in the Women’s World Banking Fintech Innovation Challenge in December.
The common theme across all the competitions was the need for robust financial inclusion solutions that serve people living in deep rural areas. In Africa alone, almost one billion people cannot access basic financial services due to lack of identity, lack of connectivity, and high fees. Paycode’s biometric identity and digital payments solution works offline in real-time, overcoming these barriers to financial inclusion.
Paycode CEO, Gabe Ruhan, commented, “Paycode is delighted to be a Finalist in the Women’s World Banking Fintech Innovation Challenge and we look forward to presenting our solution to the judges at the Making Finance Work for Women Summit in Mumbai later this year. We are proud to be recognised as a leading fintech in Africa, and we look forward to building on our success to drive financial inclusion for millions through our world-class digital identity and payments solution.”
Paycode provides secure end-to-end payment technology that makes sending and receiving money easy. Its industry-leading payments solution, EDAPT, works for anyone, anywhere, using custom-designed technology for security, biometric identification, verification and authentication, fraud prevention, agent banking, offline real-time transacting, know-your-customer (KYC) data and digital money. Paycode’s mission is to give biometric identity and affordable access to basic financial services to the unbanked and underserved in Africa and beyond.
Women’s World Banking designs and invests in financial solutions, institutions, and policy environments in emerging markets to create greater economic stability and prosperity for women, their families, and their communities. With a Global Network reach of 61 financial services providers in 34 countries serving more than 136 million women clients, Women’s World Banking drives impact through its scalable, market-driven solutions; gender lens private equity fund; and leadership and diversity programs.
Finalists in the Women’s World Banking Fintech Innovation Challenge will participate in an in-person pitch competition at Women’s World Banking’s bi-annual Global Summit taking place in 2023 and be fast-tracked for participation in the Women’s Economic Empowerment Accelerator, powered by the Miller Center for Social Entrepreneurship at Santa Clara University. They will also receive pitch advice and a UX design consultation. The Grand Prize winner will receive access to key 2023 fintech events like Point Zero Forum, Elevandi Connects, and the Singapore FinTech Festival, as well as a speaker invitation at a Women’s World Banking Making Finance Work for Women event.
Now in its fourth year, the challenge is the only women-centered competition for later-stage fintechs and will provide a platform for the fintechs to continue working to address the persistent challenges in serving the low-income women’s market.