The South African fintech startup Paymenow has forged a strategic alliance with Thiqa Digital Finance, a prominent Islamic finance platform in Uganda, to offer Ugandan government employees a secure and interest-free option to access their earned wages ahead of schedule through a mobile application.
Established in 2019, Thiqa Digital Finance is adept at providing Islamic and Shariah-compliant financial solutions, utilizing its own advanced technologies and platform. Paymenow, on the other hand, is a fintech firm that promotes financial empowerment by allowing employees to tap into wages they have already earned using a mobile app and website.
Through this collaboration, Thiqa will apply its in-depth understanding of the Ugandan market to improve upon the conventional monthly wage distribution system by offering workers timely and affordable access to their rightfully earned income. Paymenow’s platform, which has already facilitated financial access for over half a million individuals across Africa, will now expand its services to Uganda in partnership with Thiqa.
The mobile application not only provides early wage access but also includes extensive financial education resources, encouraging a savings mindset and contributing to economic growth.
Danielle Lavan, CEO of Thiqa Digital Finance, expressed the company’s commitment to developing innovative and ethical financial products in Africa, grounded in values of fairness, transparency, and partnership. She highlighted the shared vision with Paymenow in promoting financial fairness and well-being across the continent. Lavan emphasized Thiqa’s dedication to empowering Ugandan wage earners by offering convenient access to affordable finance and educational tools for financial management.
Lavan also noted that the Thiqa-Paymenow collaboration is uniquely positioned to address the common cash flow challenges that individuals face between pay periods, such as affording basic necessities. By integrating Paymenow’s direct payroll solution, they aim to assist Ugandan government employees in navigating financial hurdles and unexpected costs. She expressed enthusiasm about replicating Paymenow’s significant user growth in Southern Africa and making a meaningful difference in Uganda.
Deon Nobrega, the group CEO of Paymenow, praised Thiqa’s exemplary achievements in crafting Islamic and Shariah-compliant financial solutions tailored for the Ugandan market. He pointed out that the traditional monthly salary cycle can leave employees unprepared for emergencies or unable to capitalize on immediate financial opportunities. With Paymenow’s Earned Wage Access (EWA) technology, which has already proven beneficial in South Africa, Zambia, and Namibia, users can access their wages early to meet urgent financial needs.
Together with Thiqa, the goal is to provide Ugandan citizens with the financial security and flexibility they deserve. Nobrega also emphasized the importance of the embedded financial education tools in the app, which are designed to help Ugandans manage their finances more effectively and build a more secure financial future.
