Neem, an embedded financial platform that helps digital businesses seamlessly integrate financial services, has launched Neem Paymenow – a Sharia-compliant solution for Earned Wage Access (EWA) designed to provide financial relief and promote economic empowerment of wage earners in Pakistan.
This solution was launched at a time in Pakistan when economic challenges often push the wage working class, especially the frontline workforce, into cycles of debt.
The psychological toll of running out of money and relying on loans is severe for many wage earners in Pakistan.
In such a case, Neem Paymenow will serve as a meaningful financial well-being solution that provides employees with responsible access to their earned wages before payday, providing a debt-free alternative to traditional financial options.
The Sharia-compliant solution aims to provide financial support to Pakistan’s hardworking workforce.
“Many of the employees we spoke to were often forced to borrow from friends, family or high-interest loans due to lack of alternatives and inaccessibility of their wages,” Niran Rahman, director of Neem Paymenow, said in a statement issued by Neem Paymenow. “acquired”. Company.
He added that the company’s goal is to support employees and improve the financial health and well-being of companies that employ this segment of our society.
Through this solution, employees can withdraw up to 40% of their salaries, promoting responsible use without overspending.
The platform is also accessible in Roman Urdu and English, ensuring it reaches a wider audience, the statement said.
“In order to promote financial well-being, Neem Paymenow includes stimulating financial education modules covering essential topics such as savings, budgeting and fraud prevention, enabling workers to better manage their finances in the long term,” she added.
The solution is supported by trusted partners with global expertise, and was launched in partnership with Paymenow, a market leader in EWA services from South Africa, and with the support of DNI Group, a co-investor of both projects.
“We are proud to collaborate with Neem, bringing our global expertise to deliver a solution that aligns with Pakistan’s workforce needs,” said Dion Nobrega, CEO of Paymenow.
“Together we created Neem Paymenow, making financial wellness affordable and ethical,” he added.
Ziad Mana, Chief Strategy Officer at DNI Group, said that financial inclusion and sustainability are at the heart of DNI’s goals as a group.
“Neem Paymenow embodies these core principles and we are happy to invest in an initiative that truly benefits and helps people,” he added.