Early Wage Access provider Paymenow secures a $22M investment to expand operations in Africa, aiming to increase accessibility.
Paymenow and Standard Bank Partner to Boost Financial Inclusion in Southern Africa
South Africa's national savings account, which makes up just 15% of the country's GDP, falls significantly below the global average of 28%. This weak savings culture leaves millions of workers exposed, and many are forced to resort to borrowing to bridge the gap [1].
In an effort to address this issue, Paymenow - a fintech platform launched in 2019 by Bryan Habana and Deon Nobrega - is expanding its footprint across Africa. The company currently serves South Africa, Namibia, and Zambia, but aims to broaden its reach into more regions where conventional financial services fall short in meeting workers' day-to-day financial demands [2].
Paymenow enables workers to withdraw a portion of their earned wages ahead of payday without fees or interest, providing a valuable service for employees facing urgent financial needs and reducing their reliance on informal lenders or costly credit options [3]. Deon Nobrega, CEO of Paymenow, sees this loan as a pivotal move toward expanding financial inclusion for millions of workers [4].
The collaboration between Paymenow and Standard Bank is part of a broader effort to address the severe household savings crisis in South Africa, where the savings rate is at negative 1% [5]. Standard Bank has extended a credit facility of 400 million rand to Paymenow, aiming to scale the early wage access platform [6].
This partnership is not only beneficial for Paymenow, but also for Standard Bank, which sees it as a key element in its wider mission to empower African fintechs [7]. The early wage access sector is expanding rapidly across the globe, with the market expected to grow from $30.83 billion in 2025 to more than $242.46 billion by 2034, reflecting an annual growth rate of 25.75% [8]. This growth aligns with broader financial inclusion efforts and the uptake of early wage access platforms as alternatives to traditional credit or loans [1].
With its focus on financial inclusion and early wage access, Paymenow is tapping into a surge in demand for flexible financial tools. The platform handled over one million transactions each month in 2025 and supports close to 500,000 active users, up from only a few hundred at its inception [9]. Data from Paymenow highlights the severe household savings crisis in South Africa, where the savings rate is at negative 1% [10].
In conclusion, the partnership between Paymenow and Standard Bank is a significant step forward in addressing South Africa's household savings crisis and expanding financial inclusion across Southern Africa. The early wage access market is projected to grow exponentially in the coming years, providing a promising future for fintech companies like Paymenow.
References:
- National savings account for just 15% of GDP in South Africa
- Paymenow expands footprint into more African regions
- Paymenow: Early wage access platform for employees
- Deon Nobrega emphasizes the need for financial resilience
- Standard Bank collaborates with Paymenow to address savings crisis
- Standard Bank extends credit facility to Paymenow
- Standard Bank empowers African fintechs
- Research Nester: Early wage access market growth projection
- Paymenow handles over one million transactions each month
- Data from Paymenow highlights household savings crisis in South Africa
Financial inclusion is a key focus of Paymenow's mission, as they aim to expand their early wage access platform into more regions where traditional finance falls short. In line with this, Standard Bank has collaborated with Paymenow, extending a credit facility of 400 million rand, recognizing the growth potential in this sector and the role it plays in empowering African fintechs.
