Africa’s Salary Code Makes Top 4 in World Banking Fintech Innovation Challenge for Women
Paycode, a biometric identity and digital payments fintech, has been selected as one of the top 4 finalists in the Women’s World Banking Fintech Innovation Challenge and will compete directly at the Making Finance Work for Women Summit 2023 in Mumbai in May.
Selected from a pool of 98 highly qualified applicants in 34 countries, Paycode was judged based on strict criteria by an expert advisory committee that evaluated several factors, including product innovation, gender inclusion, 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 entrepreneurs develop new solutions when they see an unmet need or an underserved community, and low-income women are certainly an underserved community.
By calling fintech innovators from around the world and inviting them to present their best ideas at the Fintech Innovation Challenge, we aim to promote women’s financial inclusion and scaling growth.
We look forward to seeing our finalists present their exciting solutions live in India in May, bringing us closer to achieving an inclusive economy for all.”
The announcement builds on Paycode’s winning streak that 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 subsequently named 2nd Runner Up in the October 2022 Ecobank Fintech Challenge in Togo and a Top 10 Semi-Finalist in the Women’s World Banking Fintech Innovation Challenge in December.
The common theme of 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 payment 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 recognized as a leading fintech in Africa and look forward to building on our success to drive financial inclusion for millions through our world-class digital identity and payments solution.”
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