Paymentology, a leading global issuer-processor has announced its partnership with PayCard, a fintech offering an innovative e-wallet solution linked to a prepaid card in the Republic of Guinea, in West Africa.
PayCard, launched this
month, enables an electronic wallet accompanied by a payment card, providing
convenient and cashless transfers of funds and payments. Historically extensive
documents have been needed in Guinea to open a bank account, now users can
download the PayCard app on their Android or iPhone devices, verify their
identity, and order either a physical or virtual card to begin transacting
worldwide.
The launch of PayCard has
been made possible through strategic partnerships with Paymentology, leading
pan-African bank Ecobank, and payments giant Visa. With Paymentology's support,
PayCard is now connected to the Visa rails, harnessing Paymentology's real-time
data feed to gain valuable insights into customer spending patterns. This
empowers PayCard to continuously enhance its offerings and personalise services
for end-users.
With 75%
of the 13.5 million population
unbanked, the introduction of PayCard Visa cards highlights the shared
commitment of PayCard and Paymentology to foster financial inclusion in Guinea
and in the region. With a significant portion of the population lacking access
to traditional banking services, underserved communities can now leverage
mobile money solutions to send and receive funds, pay bills, and access
essential financial services.
Commenting on the partnership, Kirsten Wortmann, Regional Director for
Africa at Paymentology said: “We are extremely proud to support PayCard through our next-generation
payment platform which facilitates connectivity with the Visa network. Our
collaboration with PayCard reflects our commitment to partner with innovative
fintechs that are leading the way toward financial inclusion. Together, we
enable users to take control of their financial life and we look forward to the
continuation of this partnership which will enable the launch of new and ever
more innovative next-generation services.”
Fatou Diarra, General Manager of PayCard, added: “Enabling individuals to
engage in financial transactions, such as making payments and receiving funds,
serves as an initial milestone for serving unbanked populations, preceding
their progression towards enhancing their creditworthiness and accessing a
broader range of financial opportunities.
“Together with Paymentology, Visa, and Ecobank, we are providing the underserved in Guinea with a card that is safe, secure and
accessible for all users. We’re delighted to have launched and look forward to
leveraging Paymentology’s expertise in payment processing and innovative
solutions and continue to offer advanced features that meet the evolving needs
of our customers.”