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What Mastercard and Paycode’s partnership means to the African startup ecosystem



Mastercard and Paycode logos

Driving financial inclusion across Sub-Saharan Africa, Mastercard recently partnered with Paycode, an African fintech company and an alumnus of the Mastercard Start Path programme, to provide solutions for growth and financial access.

The goal is to provide a biometric smart card where the identification of Africans living in remote communities will be recorded, thereby increasing access to financial services, internet connectivity and ultimately leading to advanced economic development.

Here’s how it works

The Mastercard Community Pass platform will be incorporated in Paycode’s Electronic Data And Payments Technology platform (EDAPT). The platform provides secure, biometric identity and a digital bank account, and will allow individuals to access digital financial services offline, in real-time. This goes even when a formal identity document, such as a birth certificate or passport, is absent.

The Community Pass leverages facial or palm recognition at both online and offline locations, ensuring data security for individuals. The platform’s consistent technology standards also makes it possible for individuals to access financial, health, agricultural, or aid services across providers, including government disbursements.

Over the next three years, the partnership seeks to onboard 30 million individuals in remote, unconnected and underserved areas of Africa.

Advantages to the startup ecosystem 

  • More individuals with entrepreneurship drive can now start up their business in any sector of choice

  • Individuals and startups can now scale beyond their immediate environment bringing about prosperity and recognition for growth

  • Access to products and services with a Community Pass biometric smart card that runs on Paycode’s EDAPT platform

  • Users can manage their daily needs including school fees payments, access to vaccinations for families, and business growth for individuals who have businesses already running

  • Innovation escalation within the immediate environment

  • Reduced cost as well as improved effectiveness of service delivery

The joint venture is set to build an inclusive, sustainable economy where everyone has the opportunity to reach their potential.

Mastercard has a goal to connect 1 billion individuals, including 50 million micro and small businesses, to the digital economy by 2025. The company also plans to support 25 million women entrepreneurs to grow their businesses.

On the other hand, Paycode has a goal to ensure over 50 million unbanked and underserved people in Africa, receive biometric identity and affordable access to basic financial services by 2025.

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​Joan Aimuengheuwa is a content writer who takes keen interest in the scopes of innovation among African startups. She thrives at meeting targets and expectations. Contact: [email protected]

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  1. Pingback: Villgro Africa Funds for African Startups ($20,000) - Dixcover Hub

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