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 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 advance women’s financial inclusion and scale 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 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 subsequently named 2nd Runner Up in the Ecobank Fintech Challenge (in October 2022 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 we look forward to building on our success to drive financial inclusion for millions through our world-class digital identity and payments solution.”
Distributed by APO Group on behalf of Paycode.
Media inquiries:
Heidi Patmore, Paycode
Tel: +27 82 579 9473
Email: [email protected]
About payment code:
Paycode provides secure end-to-end payment technology that makes it easy to send and receive money. Its industry-leading payment solution, EDAPT, works for anyone, anywhere using specially designed technology for security, biometric identification, verification and authentication, fraud prevention, agent banking, offline real-time transactions, know-your-customer (KYC) data and digital money . Paycode’s mission is to provide biometric identity and affordable access to basic financial services to the unbanked and underserved in Africa and beyond. https://Paycode.com/
About the Women’s World Banking Fintech Innovation Challenge 2023:
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 female customers, Women’s World Banking creates 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 biannual Global Summit in 2023 and be 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 fintech events in 2023 such as Point Zero Forum, Elevandi Connects and the Singapore FinTech Festival, as well as an invitation to be a speaker at a Women’s World Banking Making Finance Work for Women event.
Now in its fourth year, the challenge is the only women-centric competition for late-stage fintechs and will provide a platform for fintechs to continue working to address the ongoing challenges in serving the low-income female market.
Tickets to attend the Fintech Innovation Challenge at 2023 Making Finance Work for Women in Mumbai are available at
