Africa-Press – Gambia. Standard Bank has extended a credit facility of 400 million rand (approximately $22 million) to South African fintech Paymenow, aimed at scaling its early wage access platform. Announced on July 8, 2025, the funding will support Paymenow’s regional expansion throughout Southern Africa.
Paymenow enables workers to withdraw a portion of their earned wages ahead of payday without incurring any fees or interest. The platform is designed to support employees facing urgent financial needs and to reduce their reliance on informal lenders or costly credit options.
Data from Paymenow highlights a severe household savings crisis in South Africa, where the savings rate is at negative 1%. This indicates that for every 100 rand of disposable income, households are spending 101 rand frequently resorting to borrowing to bridge the gap.
National savings account for just 15% of GDP in South Africa—well below the global average of 28%. This weak savings culture leaves millions of workers exposed, often pushing them toward unregulated and high-interest credit to cover basic needs.
Targeted Expansion Across Southern Africa and Beyond
Launched in 2019 by Bryan Habana and Deon Nobrega, Paymenow currently serves South Africa, Namibia, and Zambia. With the fresh injection of capital, the company intends to broaden its footprint into more African regions where conventional financial services fall short in addressing workers’ day-to-day financial demands.
Deon Nobrega, CEO of Paymenow, described the loan as a pivotal move toward expanding financial inclusion for millions of workers. He emphasized the need to disrupt the pattern of recurring debt through a model grounded in consistent earnings and long-term financial resilience.
Standard Bank sees the partnership as a key element in its wider mission to empower African fintechs. The bank believes that collaboration between traditional financial institutions and fintech firms can redefine how employers and employees interact financially.
The early wage access sector is expanding rapidly across the globe. According to Research Nester, the market is expected to grow from $30.83 billion in 2025 to more than $242.46 billion by 2034, reflecting an annual growth rate of 25.75%. Paymenow is tapping into this surge in demand for flexible financial tools, handling over one million transactions each month in 2025 and supporting close to 500,000 active users up from only a few hundred at its inception.
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