Paymenow Secures ZAR400 Million from Standard Bank to Expand Wage Access Across Africa

A groundbreaking partnership between South African fintech Paymenow  and Standard Bank  is set to transform how employees access their wages across Africa. Paymenow, a startup specializing in earned wage access (EWA), has secured a significant ZAR400 million ($22.5 million) working capital facility from the banking giant. This substantial investment will fuel Paymenow’s ambitious expansion plans, enabling the company to broaden its services in South Africa, Namibia, and Zambia, while also exploring new markets where a lack of formal financial services leaves people vulnerable to predatory lenders.

Founded in 2019, Paymenow’s innovative platform allows workers to access their wages as they earn them, providing a crucial alternative to high-interest payday loans. This approach not only offers financial flexibility but also promotes better financial wellness among employees. The new funding from Standard Bank builds on Paymenow’s previous success, which included a ZAR250 million ($14 million) debt facility from Rand Merchant Bank in 2023.

The collaboration goes beyond just capital. Standard Bank is also integrating its advanced PayShap real-time payment solution and the OneHub platform into Paymenow’s system. This technological boost will allow the fintech to process payments more quickly and efficiently, delivering a seamless experience for its users. Paymenow’s co-founder, Rugby World Cup champion Bryan Habana, has been a key driver in advocating for employee-centric benefits like EWA, which directly addresses the disconnect between monthly pay cycles and daily living expenses. This latest funding round is a clear signal that the financial industry is recognizing EWA as a powerful tool for empowering workers and reshaping payroll practices throughout the continent.