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Saturday, December 2, 2023

Paymenow partners with Franc to create more inclusive savings opportunities for South Africans

Earned Wage Access (EWA) platform Paymenow has partnered with Franc, a globally recognised investment platform, to make saving and investing easy for everyday South Africans. Paymenow’s salary linked savings feature allows users to save money directly from their available earned wage balance into a Franc powered interest-bearing Money Market fund. This great new benefit is available to all Paymenow users.

Today, more than 60% of salary-earning individuals cannot save money at the end of the month. With the increase in cost of living, interest rates and inflation it is becoming more difficult for the average South African to make it to payday, let alone save, and more South Africans are turning to credit to meet their monthly basic needs such as food, clothing, transport, and other bills. Adding to the cost are high-interest repayments further aggravating the debt cycle.

A solution to this problem is to give people access to wages they have already earned without the threat of a costly loan. Then the money they would have spent on a high-interest loan can instead be put towards Paymenow’s in-app saving opportunities, through Franc, that can get their money working for them.

“We are thrilled to bring Franc onboard to empower our users with another way to make their financial dreams come true,” says Paymenow CEO Deon Nobrega. “Financial barriers, product complexity and limited access are often barriers to entry when it comes to saving, but Franc makes all that simple with its easy-to-use offering. This is a big win for the financial wellness of South Africans.”

“It’s great to be partnering with a business like Paymenow that shares a similar purpose to us at Franc in wanting to uplift South Africans and improve financial resilience,” says Franc COO Sebastian Patel.

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