Mastercard has said an estimated 57 per cent of the population in sub-Saharan Africa are financially excluded.
The company disclosed this in a statement as it announced its partnership with Paycode’s to enable it to reach the underserved and unbanked in Africa.
According to the Mastercard, close to 30 per cent of the population do not have a form of identification while 60 per cent lack access to Internet connectivity.
It said the partnership with Paycode would enable offline real-time functionality for effective government disbursements and access to digital financial services in remote communities.
The Head of Sales and Market Development, Mastercard, Ricardo Pareja, said, “Adding inclusive ID functionality to Paycode biometric smart cards helps reach those currently excluded from critical government programmes and ensures we are addressing basic financial needs of a dispersed population.
“As we seek to drive beyond inclusion to fostering prosperity in communities across the globe, a critical focus for Mastercard is to help enable the interoperability and scale of solutions like those provided by Paycode.”
The Chief Executive Officer, Paycode, Ralph Pecker, said, “As Paycode, we are proud to partner with global leaders like Mastercard to effect positive change for people on the ground and drive innovation in financial services delivery in deep rural areas.
As leaders in last mile delivery and proof of life financial services technology, we play the important role of providing solutions that bring tremendous growth and financial access offline in real-time to the financial and technology sectors in Africa.”