Select Page

Paymenow expands its operations in Namibia

Paymenow expands its operations in Namibia

Paymenow, an earned wage access (EWA) platform, recently announced that it expanded its operations in Namibia after engaging with payroll-integration experts Lynkwise, who will provide in-country technical assistance to support expansion and allow a local presence.

The move comes after the employee wellness platform last year, successfully launched in Namibia together with the Hungry Lion Restaurant chain.

EWA help indebted and struggling workers access wages at any time during the earning cycle while reducing their dependence on loans and as a result, they can become financially resilient. Paymenow integrates with any payroll system and is completely free for employers.

Bryan Habana, co-founder, and Chief Commercial Officer at Paymenow noted that since their platform launch with the Hungry Lion Group, they had seen a huge uptake of employees using the platform. He also said that more corporates in Namibia are seeing the value delivered by the service.

“Over 200 000 South African employees now have access to Paymenow via their employers. In times of economic stress such as we are now experiencing, providing access to one’s wages, financial wellness education, and a range of value-added services can mean the difference between employees making it to month-end or falling victim to loan sharks,” Habana said.

Meanwhile, Cindy Gaweses, Communications Associate at Lynkwise, said, “Paymenow supports our goals of offering convenient, affordable, and responsible payroll-related financial services to Namibian employers and employees.”

She added: “We are proud to support Paymenow’s efforts to expand financial inclusion and make these innovative services available to a wider spectrum of Namibian employers and employees.”

Paymenow was developed in South Africa and is the first EWA company to cross South African borders and expand into Africa and has also recently launched in Zambia. Accordingly, research has shown that most employees used early advances on earned wages to cover transport costs, grocery bills, and financial emergencies.

“These are hardly the costs that should force employees into a debt cycle from which they may never emerge,” Habana said.

A unique feature and first to market in the EWA space is the value-added service of financial education and gamification to teach employees better money-handling habits so that they can improve their financial position, according to the company.

They added that their platform harnesses the power of Big Data to build user profiles to respond according to changes in financial behaviour.

“As users complete modules, they are rewarded with Bronze, Silver, and Gold status, which allows increased access to advances and reduced fees.

“Users are encouraged to keep learning and improving their financial management skills through the gamification of growing savings,” the company said in a press release last week.

“In a recent impact report based on independent research, almost all respondents reported an improvement in their overall quality of life because of Paymenow, and nearly two-thirds reported significant improvements. 80% of customers said their ability to save had improved, and customers had been able to reduce borrowing from money lenders and had more cash on hand to deal with emergencies. This is proof that the platform delivers value, and this is being recognized by employers. Our expansion into Namibia is just the first step in demonstrating value for users on the African continent, and we’re very excited for what comes next,” Habana said.


About The Author