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Paycode recognized for innovation in driving financial inclusion

Paycode recognized for innovation in driving financial inclusion

South African digital payments firm Paycode has been listed among four top fintechs in the Women’s World Banking Fintech Innovation Challenge, largely for its efforts at promoting financial inclusion on the continent.

As a finalist, Paycode will take part in a live competition at the 2023 Making Finance Work for Women Summit in Mumbai, India, in May.

Paycode’s entry was selected by an expert Advisory Committee with members from 38 countries. Paycode has been using its digital ID and digital payments platform, which works both off and online, to drive financial inclusion in a continent where millions of people are unbanked, in part due to a lack of legal ID.

The company CEO, Gabe Ruhan, commented after the selection: “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 recognized 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.”

Marina Dimova, Global Head of Financial Industry and Network Advocacy for Women’s World Banking, remarked: “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.”

This latest recognition for Paycode comes at a time when the company has landed a couple of other accolades in the last year for its work in enhancing financial inclusion. These include the Mondato Award in Mozambique for Finance Innovation, the UK-based Payments Association Pay360 Award for Best Financial Inclusion Payments Initiative, and recognition in the 2022 Ecobank Fintech Challenge.

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