Thiqa Digital Finance, a South African finance platform, has joined forces with Uganda’s Paymenow to revolutionize financial access for government employees. Through this partnership, civil servants in Uganda will gain early, interest-free access to their salaries via a mobile app, enhancing their financial flexibility and well-being.
Founded in 2019, Thiqa Digital Finance specializes in Islamic and Shariah-compliant financial solutions, leveraging advanced technologies to provide ethical and innovative financial products. Their partnership with Paymenow, a fintech firm promoting financial empowerment across Africa, aims to reshape the traditional monthly wage distribution system in Uganda.
Paymenow’s platform, which has already empowered over half a million individuals across Africa, will expand its services to Uganda through this collaboration. The mobile app not only facilitates early wage access but also offers extensive financial education resources to foster a savings mindset and contribute to economic growth.
Danielle Lavan, CEO of Thiqa Digital Finance, underscored their commitment to fairness, transparency, and partnership values in developing financial products in Africa. She highlighted Thiqa’s shared vision with Paymenow in promoting financial fairness and well-being, particularly among Ugandan wage earners.
Lavan emphasized that the Thiqa-Paymenow collaboration is well-positioned to address common cash flow challenges faced by workers between pay periods, enabling them to afford basic necessities and navigate financial hurdles. The integration of Paymenow’s direct payroll solution will assist Ugandan government employees in managing unexpected costs.
The introduction of Earned Wage Access (EWA) in Uganda comes at a critical time when many workers struggle with obtaining timely and affordable credit. Traditional financial institutions and payday lenders often impose cumbersome procedures and high fees, leaving employees with limited options.
EWA offers a practical solution by providing quick and convenient access to earned wages without burdensome fees, enhancing worker welfare and retention. This service is poised to make a significant impact on the African labor market, addressing a remarkable US$30 billion funding opportunity across the continent each month.
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