By Mark Kawalya
South African fintech company Paymenow has entered a partnership with Uganda’s Thiqa Digital Finance to enable government employees to access their earned wages early using a mobile application. This partnership is designed to offer a secure, interest-free solution to improve financial stability and empowerment for workers in Uganda.
Thiqa Digital Finance, established in 2019, specializes in Islamic and Shariah-compliant financial solutions, leveraging proprietary technologies. Their focus is on providing ethical financial products that uphold principles of fairness and transparency. Thiqa’s mission is to empower entrepreneurs, youth, and financially marginalized individuals.
Paymenow aims to enhance financial empowerment by granting employees access to wages they have already earned. Their platform, which serves over 500,000 people across Africa, integrates financial education resources to promote savings and economic growth.
Objectives of the Partnership
Improving Wage Distribution: Utilizing Thiqa’s market expertise, this partnership seeks to improve the conventional monthly wage system, providing timely and affordable access to earned income.
Financial Education: The mobile app includes resources to assist users in managing their finances, fostering a savings mindset, and contributing to overall economic stability.
Danielle Lavan, CEO of Thiqa Digital Finance, emphasized the mutual vision with Paymenow to advance financial fairness and well-being. She stressed the importance of offering convenient and affordable financial access, especially for essential needs between pay periods.
Lavan highlighted the partnership’s potential to alleviate common cash flow challenges faced by employees. By integrating Paymenow’s direct payroll solution, this collaboration aims to support Ugandan government workers in handling financial emergencies and unexpected expenses.
Deon Nobrega, Group CEO of Paymenow, commended Thiqa’s efforts in creating customized financial solutions for Uganda. He noted that Paymenow’s Earned Wage Access (EWA) technology, which has been effective in South Africa, Zambia, and Namibia, will now provide Ugandans with the financial flexibility and security.
