In an exclusive interview with IT News Africa, Deon Nobrega, CEO and co-founder of Paymenow, shared insights into the company’s innovative earned wage access (EWA） platform and its impact on financial inclusion.
Launched in 2020 in South Africa, Paymenow has grown rapidly, now processing over a million transactions monthly and serving over 500,000 employees across 300+ corporations in South Africa, other African territories, and Pakistan.
Also Read: The Rise of Paymenow: Exclusive Interview With the Founders
Paymenow’s EWA model allows employees to access a portion of their earned wages before payday, addressing the disconnect between monthly salaries and daily expenses. “Imagine you earn 30,000 rand a month… on the 10th day, theoretically, you’ve earned 10,000 rand. Why can’t you access some of it? The company already owes it to you,” Nobrega explained. By integrating with employer payroll systems, Paymenow ensures employees can access up to 25% of their net pay, with 50-60% utilizing the service.
The platform’s data-free app and bank-grade security enhance accessibility for underserved communities. Notably, 50% of transactions, such as electricity or grocery vouchers, incur zero fees, with Nobrega stating, “Half of our transactions are at no cost to the employee or employer.” Affordability, combined with gamified financial literacy modules, promotes responsible usage. Employees progress through tiers (green to gold) by completing budgeting tools, credit score checks, and educational modules. “The average person accesses 2,200 rand monthly but only uses 1,300 rand, showing responsible behavior,” Nobrega noted.
Paymenow’s growth addresses financial exclusion, with only one in eight South Africans qualifying for formal credit. By offering an alternative to predatory lenders, the platform empowers employees and boosts loyalty, as employers provide a valuable benefit. In markets like Zambia and Uganda, 75% of transactions occur via mobile wallets, reflecting local preferences, while Pakistan’s rollout required Sharia compliance.
Looking ahead, Paymenow aims to expand to new jurisdictions and enhance its in-app savings product, which has a 70% uptake. “We’re breaking down financial exclusion barriers,” Nobrega said, emphasizing their mission to deliver affordable, market-fit solutions. With plans to reach a million users in South Africa within two years, Paymenow is revolutionizing financial wellness across the continent.
