Many workers in Pakistan often run out of money before their next paycheck, forcing them to rely on expensive loans or credit. To address this issue, Neem has launched Neem Paymenow allowing them to access up to 40% of their wages early, helping to ease financial stress.
Neem Paymenow is a Shariah-compliant earned wage access (EWA) solution. This platform promises to empower the frontline workforce—those employed in sectors such as retail, healthcare, security, manufacturing, and logistics—by providing timely access to their earned wages.
What is Neem Paymenow?
Neem Paymenow is an innovative financial solution designed to provide salaried workers in Pakistan with early access to their earned wages, up to 40% before payday. This Earned Wage Access (EWA) or on-demand pay market is projected to reach $48.68 billion by 2030.
This solution is gaining global popularity to address financial challenges faced by the salaried workforce. Neem Paymenow’s Shariah-compliant platform aims to empower employees by easing financial stress and reducing reliance on high-interest loans. With its user-friendly interface available in both Roman Urdu and English, the service is tailored to meet the diverse needs of Pakistan’s workforce.
How Neem aims to address financial instability?
Pakistan’s salaried class, particularly frontline workers, often find themselves trapped in a cycle of debt amid rising cost of living and inflation. The average Pakistani household spends nearly half its income on food, often forcing families to make compromises on health and education. In this context, Neem Paymenow’s Shariah-compliant early wage access solution aims to alleviate some of this financial stress, allowing workers to access their earned wages and better manage their household expenses.
Explaining this dire situation, Niran Rehman, Director at Neem Paymenow, said: “Many employees we spoke to often had to borrow from friends, family, or high-interest loan sharks due to lack of alternatives.” This situation not only strains individual finances but can also lead to anxiety, depression and other mental health issues. This is where Neem Paymenow steps in.
“Constant financial anxiety can lead to hopelessness, anxiety, depression, and even suicidal tendencies,” Rehman added. “Our goal with Neem Paymenow is to offer a solution that provides financial relief to Pakistan’s hardworking salaried workforce … Our objective is to support employees and improve the financial health and well-being of the companies,” Niran Rehman shared.
Understanding Shariah-compliant financial solutions
Shariah compliance refers to financial practices that adhere to Islamic law, emphasizing ethical and equitable transactions. For Neem Paymenow, this means providing earned wage access without interest or exploitative terms, aligning with the values of many Pakistani workers seeking responsible financial solutions. By offering a debt-free alternative to high-interest loans, Neem Paymenow aims to contributes to a more inclusive and stable economic environment.
Zero-cost integration for Employers
The benefits of Neem Paymenow extend beyond individual users. Employers can implement the service without incurring costs, facilitating seamless integration into existing payroll systems. This capability not only enhances employee productivity but also contributes to overall workforce well-being. “This approach enhances employee retention, lowers hiring costs, and supports overall workforce well-being, according to the company statemrnt.
Neem and Paymenow partnership
Neem is an embedded finance platform enabling digital businesses to integrate services like payments and earned-wage access. Paymenow provides responsible earned wage access as a non-credit alternative to costly payday loans, enhancing employee financial well-being.
Neem Paymenow is launched in partnership with Paymenow, a leading EWA provider from South Africa, and is backed by the DNI Group, which has provided a $4 million credit facility to expedite its rollout and scaling across Pakistan. Deon Nobrega, CEO of Paymenow, said: “We’re proud to collaborate with Neem, bringing our global expertise to deliver a solution that aligns with the needs of Pakistan’s workforce.”
The partnership between Neem, Paymenow, and DNI Group combines global expertise and ensures that the solution is tailored to the unique financial landscape of Pakistan. “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,” said Ziyaad Manie, Chief Strategy Officer, DNI Group.
