Thiqa Digital Finance, a leader in Islamic finance, has partnered with Paymenow, a top Earned Wage Access [EWA] platform in Africa, to offer Uganda’s civil servants early access to their earned wages through a mobile app starting June 2024. This collaboration enables employees to access their wages securely and interest-free before the scheduled pay period, addressing the increasing need for timely financial resources amidst rising living costs.
EWA, fueled by financial technology, offers a vital solution for employees requiring immediate funds. Thiqa specializes in fair and ethical financial products, enhancing financial inclusion for Africa’s under-banked populations. The partnership with Paymenow, which has already benefited over 500,000 individuals in Africa, aims to reform the conventional monthly wage system in Uganda by providing instant access to wages. This initiative also includes comprehensive financial education resources to promote savings and financial well-being.
For Danielle Lavan, CEO of Thiqa, “The alignment of Thiqa’s mission with Paymenow’s focus on fair finance, aiming to enhance financial stability for Ugandan workers. The partnership intends to replicate Paymenow’s success in Southern Africa and impact positively on Uganda’s workforce”.
Deon Nobrega, CEO of Paymenow Group, highlighted the joint effort’s potential to provide financial security and flexibility to Ugandans. The collaboration is set to address critical financial challenges and contribute to social development goals including Zero Hunger, Reduced Inequalities, and Industry and Innovation.
Thiqa, established in 2019 and regulated by the Uganda Microfinance Regulatory Authority and the Uganda Investment Authority, uses its proprietary technology to support entrepreneurs and the financially excluded in Uganda. The Thiqa-Paymenow solution is set to launch on June 3rd, 2024, initially serving select civil servants, with plans to expand significantly by the year’s end and to corporate sectors across Uganda.
