Thika Digital Finance (Thiqa), a leading Islamic financial platform announced its exclusive technology partnership with PaymenowAfrica’s market leading Earned Wage Access (EWA) platform.
Details
From June 2024 onwards, the strategic partnership will enable Ugandan civil servants to have timely and responsible access to their already earned salaries, completely secure and interest-free, through a mobile application.
Record
EWA is powered by financial technology, allowing employees to securely and conveniently access their pay before their normal pay cycle. EWA is beneficial to employees who need real-time access to their paychecks as it addresses the desperate need for affordable and responsible access to emergency cash โ an increasingly common phenomenon in an economic environment characterized by persistent cost increases life.
About the Partnership
Thika specializes in the design and distribution of fair and ethical digital financial solutions. They enable unbanked and unbanked Africans to access essential financial tools, paving the way for an economically strong and fair Africa. The partnership enables Thiqa to leverage its valuable experience and knowledge of the Ugandan market to address shortcomings in traditional monthly salary payment systems at the local level, providing employees with affordable real-time access to hard-earned wages .
Paymenow’s EWA platform has already funded 500,000+ people in Africa and will now expand its reach and services to Uganda through this partnership with Thika.
In addition to responsible and affordable timely access to wages, the mobile app will provide comprehensive financial education resources to its users, fostering a culture of savings and leading to financial well-being.
How does it work
At no cost to employers, government departments or taxpayers, Paymenow’s platform will provide a cost-effective and credit-independent alternative to traditional financial solutions, significantly improving users’ financial well-being.
Independent research conducted over the past three years has consistently demonstrated its significant impact:
- 94% of Paymenow users report a higher quality of life
- 82% have reduced their debt and
- 80% state increased employee satisfaction.
Additionally, adopting EWA solutions like Paymenow’s has been proven to improve employee retention, attract new talent, and boost productivity by alleviating financial stress.
What they say
Speaking of collaboration, Daniel LavanCEO of Thiqa Digital Finance, said:At Thiqa, we develop innovative and ethical products in Africa, rooted in our core principles of fairness, transparency and partnership. Our mission is perfectly aligned with Paymenow’s commitment to fair finance and economic prosperity across Africa.
We are dedicated to empowering wage earners across Uganda and are excited to expand our offering with easy access to affordable finance and financial education tools. The Thiqa-Paymenow product is unique and will address the daily and monthly cash flow challenges most people face between paydays, such as the struggle to cover essentials such as food, utilities, transportation and medicine..
โBy partnering with Paymenow, we’re bringing our instant payroll integration solution to Ugandan government employees, helping them bridge the gap between paydays and managing unexpected expenses. What Paymenow has been able to achieve in South Africa โ growing a customer base of over half a million users โ is outstanding and we look forward to replicating this success and making a tangible impact in Uganda.โ
The CEO of Paymenow Group, Deon Nobregacommented, โWe are excited to join forces with Thiqa Digital Finance, who have an exemplary track record of creating Islamic and Shariah compliant financial solutions for the Ugandan market. The traditional paycheck cycle often leaves workers unable to cover emergencies or take advantage of immediate financial opportunities.
With our EWA technology, users in South Africa, Zambia and Namibia gain timely access to their salaries, enabling them to meet pressing financial needs. Together with Thiqa, we aim to empower Ugandans with the financial security and flexibility they truly deserve. Our integrated financial education tools will also equip Ugandans with the knowledge and resources to effectively manage their finances and build a brighter financial future.“
Founded in 2019, Thiqa is a Ugandan Islamic fintech company pioneering Sharia Compliant financial solutions licensed by Uganda Microfinance Regulatory Authority (UMRA) and Uganda Investment Authority. Leveraging its proprietary technology platform, Thiqa empowers entrepreneurs, youth and the economically excluded in Uganda. Having engaged extensively with civil servants in various departments to understand their day-to-day cash flow difficulties, this partnership aims to revolutionize the traditional payroll process in the Ugandan civil service while directly addressing three United Nations Social Development Goals: Zero Hunger , reduced inequalities , and Industry and Innovation.
What happens next?
The Thiqa-Paymenow Earned Wage Access solution will launch in Uganda on June 3, 2024. Initially, the alternative financial solution will benefit selected Ugandan civil servants, with plans to expand to cover up to a quarter of the total workforce by the end of the year.
Thiqa and Paymenow are also working to expand the solution to employees of corporate institutions across Uganda in an effort to create a positive and lasting impact on the wider Ugandan society.
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