TheStandard Bank Group (Standard Bank) has extended a R400 million working capital facility to local earned wage access (EWA) providerPaymenow, enabling the startup to scale its financial wellness solutions across Africa.
The funding will support Paymenow’s expansion into strategic African markets, building on its presence in South Africa, Namibia and Zambia. The partnership reflects growing support for the EWA model, which allows employees to access a portion of their earned wages before traditional payday, providing them with a healthier alternative to unethical lending.
Deon Nobrega, CEO of Paymenow Group, said, "This substantial facility from Standard Bank Group demonstrates that leading financial institutions recognise the transformative potential of earned wage access and are willing to invest significantly in its growth. The funding will enable us to accelerate our expansion across Africa, bringing financial dignity and flexibility to millions more workers."
Standard Bank has further strengthened the partnership by integrating Paymenow into payments solutionPayShap, allowing them to remain competitive. Additionally, Paymenow has been onboarded onto the bank’s OneHub platform, a digital ecosystem that includes Better Banking, Beyond Banking, and the API Marketplace.
“We are proud to partner with an innovative fintech whose mission is to help employees build a better future, promote financial inclusion and educate their customers on how to make better financial decisions. This partnership showcases our capability to leverage our regional footprint and innovative digital banking solutions to support fintechs and new business models across the region,” says Noloyiso Mpanza, Head of Sustainable Finance, Transaction Banking at Standard Bank CIB
Established in 2019, Paymenow platform also promotes financial literacy through incentivised gamification. The EWA solution has been instrumental in helping employees manage day-to-day cash flow challenges, meet urgent needs, and develop long-term savings habits.
Lungile is the Digital Editor for TechAfrica, with a knack for storytelling, technology and innovative ideas. Working with TechAfrica, she takes simple ideas and turns them into amazing stories.
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