Early Wage Access provider, Paymenow, secures a $22M funding to advance operations throughout Africa.
Early Wage Access Platform Paymenow Expands Across Southern Africa with $22 Million Funding from Standard Bank
The early wage access (EWA) sector is experiencing rapid growth worldwide, and this trend is particularly notable in Southern Africa. The market, which is projected to grow from $30.83 billion in 2025 to over $242.46 billion by 2034, is driven by the urgent need to address low household savings and reliance on costly credit.
Paymenow, a South African fintech founded in 2019 by Bryan Habana and Deon Nobrega, is a leading player in this space. The company enables employees to access a portion of their earned wages before payday without fees or interest, aiming to help workers manage short-term financial emergencies and reduce dependence on informal, high-interest loans.
In July 2025, Paymenow secured a substantial $22 million (approximately 400 million rand) working capital facility from Standard Bank. This funding will accelerate Paymenow’s expansion within Southern Africa, where it currently operates in South Africa, Namibia, and Zambia, and enable entry into additional African markets inadequately served by traditional banking.
The partnership with Standard Bank also includes access to enhanced payment infrastructure via PayShap and integration with Standard Bank’s OneHub platform, supporting Paymenow’s competitiveness and scalability in evolving payment ecosystems.
South Africa's household savings rate is negative 1%, and national savings account for only 15% of GDP, both figures substantially below the global average. This gap creates a sizable market of workers vulnerable to unstable cash flow and reliance on expensive credit alternatives. For every 100 rand of disposable income in South Africa, households are spending 101 rand, frequently resorting to borrowing to bridge the gap.
Deon Nobrega, CEO of Paymenow, views the loan as a significant step towards expanding financial inclusion for millions of workers. He emphasizes the importance of disrupting the pattern of recurring debt through a model promoting consistent earnings and long-term financial resilience.
Paymenow's expansion aims to provide early wage access solutions to workers across Southern Africa and potentially beyond. The company currently handles over one million transactions each month in 2025 and supports nearly 500,000 active users, up from only a few hundred at its inception.
Standard Bank sees the partnership with Paymenow as a key element in its wider mission to empower African fintechs. The bank believes collaboration between traditional financial institutions and fintech firms can redefine employer-employee financial interactions, delivering financial dignity and flexibility to millions of workers facing restrictive monthly pay cycles and high-cost credit environments.
Beyond Southern Africa, companies such as SeamlessHR are also integrating EWA features within broader financial wellness and payroll management platforms to enhance employee financial stability and operational efficiency for employers, indicating a growing ecosystem around wage access solutions.
In summary, Paymenow and similar EWA platforms are impactful fintech innovations with strong growth trajectories and significant market potential across Southern Africa and beyond. The partnership between Paymenow and Standard Bank is a testament to this potential and sets the stage for a brighter financial future for millions of workers in the region.
Financial inclusion is a key focus of the partnership between Paymenow and Standard Bank, as the $22 million funding will facilitate the expansion of early wage access (EWA) services to more workers in Southern Africa. By enabling employees to access a portion of their earned wages before payday without fees or interest, Paymenow aims to help businesses create a more financially stable workforce, addressing the urgent need for alternative financing solutions in regions where traditional banking is inadequate.
