Neem Paymenow, shariah-compliant earned wage access solution, launched in Pakistan
1. "Company's objective is to support employees and improve financial health and well-being of employers," says Neem Paymenow directo
Neem, an embedded finance platform that facilitates the seamless integration of financial services for digital businesses, has launched Neem Paymenow — a shariah-compliant earned wage access (EWA) solution aimed at providing financial relief and promoting economic empowerment for salaried workers in Pakistan.
This launch comes at a time when many salaried individuals, especially those in frontline positions, are facing economic challenges that often lead them into cycles of debt. The psychological impact of running out of funds and relying on loans can be overwhelming for numerous employees in the country.
Neem Paymenow is designed to be a meaningful financial wellness solution, enabling employees to access a portion of their earned wages before payday. This approach offers a debt-free alternative to traditional financial options, specifically targeting Pakistan's hardworking salaried workforce.
"Many employees we spoke to often had to borrow from friends, family, or high-interest loan sharks due to a lack of alternatives and no access to their earned wages," stated Niran Rehman, director at Neem Paymenow. He emphasized the company's goal of enhancing employees' financial health and overall well-being, as well as that of the companies employing this segment of society.
With Neem Paymenow, employees can withdraw up to 40% of their salary, encouraging responsible usage and preventing overspending. The platform is available in both Roman Urdu and English, ensuring accessibility for a wider audience.
To further promote financial wellness, Neem Paymenow includes gamified financial education modules covering essential topics such as savings, budgeting, and fraud prevention, empowering workers to manage their finances effectively in the long run.
This solution is supported by reputable partners with global experience, being launched in collaboration with Paymenow, a leading EWA provider from South Africa, and backed by DNI Group, a mutual investor in both ventures.
"We're proud to collaborate with Neem, leveraging our global expertise to deliver a solution that meets the needs of Pakistan’s workforce," said Deon Nobrega, CEO of Paymenow. He added, "Together, we have created Neem Paymenow, making financial wellness accessible and ethical."
Ziyaad Manie, chief strategy officer at DNI Group, emphasized that financial inclusion and sustainability are central to DNI's objectives. "Neem Paymenow embodies these core principles, and we are delighted to invest in an initiative that truly benefits and helps people," he noted.
