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.

About Paymenow

Paymenow is a company inspired by people and powered by technology. Paymenow is a responsible earned wage access (EWA) Fintech that empowers staff by giving them access to their already earned wages through a mobile app and website, while looking after their financial wellbeing.

The Paymenow platform promotes responsible financial behaviour and encourages a saving culture. Paymenow’s vision is to ease the burden inflicted by payday and micro lenders through affordable, real-time access to earned wages and to educate and assist South Africans to reach their financial goals.

About Franc

Franc is an investment platform that makes investing simple and easy because we believe investing should be accessible to all. Through Franc, users can invest in the leading money market and equity funds without minimums. Users can invest as much as they want when they want. Franc is a licensed robo-advisor and provides investment and goal-based advice that helps first-time investors understand how much investment risk they can take on. Fees are low and transparent.