SA’s Paymenow partners Thiqa to offer earned wage access in Uganda
TLDR
- Paymenow partners with Thiqa Digital Finance in Uganda to provide interest-free early wage access to government employees.
- Thiqa specializes in Islamic financial solutions, while Paymenow offers responsible earned wage access through mobile app and website.
- The partnership addresses wage payment system issues in Uganda, providing affordable real-time wage access and financial education resources.
South African earned wage access startup Paymenow is working with Uganda's Thiqa Digital Finance, an Islamic finance platform, to offer Ugandan government employees early access to their earned wages via an interest-free mobile app.
Set up in 2019, Thiqa specializes in Islamic and Shariah-compliant financial solutions, while Paymenow provides responsible earned wage access to fintech services through its mobile app and website.
This partnership enables Thiqa to use its expertise in the Ugandan market to address issues with traditional monthly wage payment systems, offering employees affordable real-time access to their wages. Beyond providing early wage access, the mobile app will offer financial education resources.
Key Takeaways
Earned Wage Access is a growing phenomenon in Africa, due to the increasing number of companies that offer this service as part of employee welfare packages. For startups and investors, this presents a significant opportunity. EWA is still largely an untapped market and startups that develop such platforms have the potential to scale quickly, via partnerships with large corporations and employers to offer their services. Overall, the growth of EWA in Africa offers many benefits and opportunities for startups and investors alike.
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