KARACHI: Neem, an embedded finance platform that helps digital businesses seamlessly embed financial services, has launched Neem Paymenow — a shariah-compliant earned wage access (EWA) solution designed to provide financial relief and promote economic empowerment for salaried workers in Pakistan.
The solution has been launched at a time in Pakistan when economic challenges often push the salaried class, particularly the frontline workforce, into cycles of debt.
The psychological toll of running out of money and relying on loans is severe for many salaried employees in Pakistan.
In such a situation, Neem Paymenow will act as a meaningful financial wellness solution that offers employees responsible access to their earned wages before payday, providing a debt-free alternative to traditional financial options.
The shariah-compliant solution is aimed at providing financial relief to 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,” said Niran Rehman, director at Neem Paymenow, in a statement released by the company.
He added that the company’s objective is to support employees and improve the financial health and well-being of the companies that employ this segment of our society.
Through this solution, employees can withdraw up to 40% of their salary, promoting responsible usage without overspending.
The platform is also accessible in both Roman Urdu and English, ensuring it reaches a broader audience, the statement read.
“To further enhance financial wellness, Neem Paymenow includes gamified financial education modules that cover essential topics like savings, budgeting, and fraud prevention, empowering workers to better manage their finances long-term,” it added.
The solution is backed by credible partners with global experience, as it is launched in partnership with Paymenow, a market-leading EWA provider from South Africa, and with the backing of DNI Group, a mutual investor for both of the ventures.
“We’re proud to collaborate with Neem, bringing our global expertise to deliver a solution that aligns with the needs of Pakistan’s workforce,” said Deon Nobrega, the CEO of Paymenow.
He added: “Together we have created Neem Paymenow, making financial wellness accessible and ethical.”
Ziyaad Manie, the chief strategy officer at the DNI Group, said financial inclusion and sustainability are at the heart of DNI’s objectives as a Group.
“Neem Paymenow embodies these core principles and we are delighted to be invested in an initiative that truly benefits and helps people,” he added.
