Paymenow Expands Earned-Wage Access Offering To Pakistan
Paymenow, Africa’s leading Earned Wage Access (EWA) platform, is excited to announce its launch in the Pakistani market. In collaboration with embedded finance platform Neem, Paymenow aims to provide the workforce in Pakistan with responsible access to their earned wages when they need it most.
Paymenow’s innovative EWA platform allows users early access to already earned wages, empowering users to migrate from indebtedness to investing. In a country where many workers face financial strain, the new offering, called Neem Paymenow, offers a Shariah-compliant solution that addresses the immediate needs of the salaried workforce while paving the way for a more equitable financial landscape in Pakistan.
Deon Nobrega, Paymenow’s CEO, said, “Our vision is to ease the burden inflicted by payday and microlenders through affordable, real-time access to earned wages, and to educate and assist in reaching financial goals. It’s a transformative model which has proven its social value in Zambia, Uganda, Namibia and South Africa, and we are keen to expand its impact across the globe. With a population of approximately 240 million, primarily composed of blue-collar workers in an underserved and underbanked market, we see clear parallels to our existing operations in Africa. We anticipate EWA having a similarly transformative impact here.”
Neem Paymenow is tailored for employees in sectors requiring ethical financial solutions. Its Shariah-compliant framework allows users to access up to 40% of their salaries, promoting responsible usage while preventing overspending. The platform is accessible in both Urdu and English, broadening its reach within diverse communities. To further foster financial wellness, Neem Paymenow includes gamified educational modules covering essential topics like savings, budgeting, and fraud prevention, equipping users with the knowledge to manage their finances effectively.
The Neem Paymenow platform benefits both employers and employees by seamlessly integrating with existing payroll systems at no additional cost. By offering early access to earned wages, it helps reduce financial stress for workers, minimising their reliance on high-interest loans and enhancing overall financial stability. Neem Paymenow plans to scale into key sectors including retail, logistics, healthcare, and manufacturing, aiming to support businesses that employ frontline workers.
Nobrega adds, “We are proud to partner with Neem to deliver a solution that meets the needs of Pakistan’s workforce. Neem has established a stellar reputation for its innovative service delivery and customer-centric financial solutions, aligning perfectly with Paymenow’s EWA. This collaboration brings together global expertise and local insights, ensuring that Neem Paymenow is not just a product but a movement towards financial empowerment in Pakistan.”
Learn more about the solution at www.neem.io/neem-paymenow