Paymenow, an earned wage access startup from South Africa has entered a partnership with Thiqa Digital Finance, a leading Islamic finance platform from Uganda to provide Ugandan government employees to have early and responsible access to their wages, safely and free of interest through a mobile application.
Thiqa Digital Finance was launched in late 2019, the organization offers Islamic and Shariah-compliant financial services and solutions through its own developed technologies and platforms. Paymenow, on the other hand, is the responsible-earned wage access fintech company, which aims to empower its staff with immediate access to their earned wages through a mobile application and website.
The partnership enables Thiqa to deploy valuable experience and market knowledge of Uganda, which, in turn, enables the company to mitigate several local limitations realized with traditional forms of monthly wage payments by offering affordable real-time digital access to earned wages. Through its online lending model, Paymenow has already issued credit products to over 500,000 people in Africa and will now expand its service areas and offerings to Uganda in partnership with Thiqa.
Apart from offering timely, ethical, and easily accessible early wages through the mobile app, the platform will offer in-depth financial literacy to its users to help them embrace sustainable savings habits and help boost the economy.
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“At Thiqa, we are developing innovative and ethical products in Africa, rooted in our core principles of fairness, transparency, and partnership. Our mission aligns perfectly with Paymenow’s commitment to fair finance, and financial well-being across Africa. We are dedicated to empowering salaried workers across Uganda, and are excited to expand our offering with convenient access to affordable finance and financial educational tools,” Danielle Lavan, CEO of Thiqa Digital Finance, said.
“The Thiqa-Paymenow product is unique and will address the daily and monthly cash flow challenges faced by most people between paydays, such as struggling to cover the essentials like food, utilities, transport, and medication. By partnering with Paymenow, we are bringing their direct payroll integration solution to Ugandan government employees, helping them bridge the gap between paydays and managing unexpected expenses. What Paymenow has been able to achieve in Southern Africa – growing a customer base of over half a million users – is exceptional, and we look forward to replicating this success and making a tangible impact in Uganda.”
Paymenow group CEO Deon Nobrega added that Thiqa had all the best records as far as developing Islamic and Shariah compliant financial solutions and Uganda’s market was concerned.
“The traditional monthly pay cycle often leaves employees unable to cover emergencies or seize immediate financial opportunities. With our EWA technology, users in South Africa, Zambia, and Namibia gain early access to their earned wages, enabling them to address pressing financial needs.
“Together with Thiqa, we aim to empower Ugandans with the financial security and flexibility they truly deserve. Our embedded financial education tools will also equip Ugandans with the knowledge and resources to effectively manage their finances and build a brighter financial future,” he said.
