South African fintech startup Paymenow has partnered with Uganda’s Thiqa Digital Finance to offer government employees early access to their earned wages through a mobile app. This strategic alliance aims to provide a secure, interest-free solution to enhance financial stability and empowerment for Ugandan workers.

About Thiqa Digital Finance

Established in 2019, Thiqa Digital Finance specializes in Islamic and Shariah-compliant financial solutions. Utilizing advanced technologies, Thiqa aims to provide ethical financial products that adhere to principles of fairness and transparency.

Paymenow's Mission

Paymenow is dedicated to promoting financial empowerment by allowing employees to access wages they've already earned. Their platform, which has reached over half a million individuals across Africa, integrates financial education resources to encourage saving and economic growth.

Objectives of the Partnership

  • Improving Wage Distribution: By leveraging Thiqa's market expertise, the partnership aims to enhance the traditional monthly wage system, offering timely and affordable access to earned income.
  • Financial Education: The app includes resources to help users manage their finances, promoting a savings mindset and contributing to broader economic stability.

Leadership Insights

Danielle Lavan, CEO of Thiqa Digital Finance, emphasized the shared vision with Paymenow to promote financial fairness and well-being. She highlighted the importance of providing convenient and affordable financial access, especially for essential needs between pay periods.

Addressing Cash Flow Challenges

Lavan noted the collaboration's potential to mitigate common cash flow issues faced by employees. By integrating Paymenow’s direct payroll solution, the partnership seeks to support Ugandan government employees in managing financial emergencies and unexpected expenses.

Technological Benefits

Deon Nobrega, Group CEO of Paymenow, praised Thiqa's achievements in creating tailored financial solutions for Uganda. He pointed out that Paymenow’s Earned Wage Access (EWA) technology, proven effective in South Africa, Zambia, and Namibia, will now offer Ugandans the financial flexibility and security they need.