Early Wage Access provider, Paymenow, receives a $22M investment to expand operations across Africa.
In a significant move towards expanding financial inclusion for millions of workers, Deon Nobrega, CEO of Paymenow, has described a new loan as a pivotal step. This announcement comes as the global early wage access (EWA) market is experiencing rapid growth, with the market size valued at approximately USD 24.35 billion in 2024 and projected to grow to around USD 29.94 billion in 2025.
Paymenow, a fintech company launched in 2019 by Bryan Habana and Deon Nobrega, is tapping into this surge in demand for flexible financial tools. The company, which supports close to 500,000 active users, handled over one million transactions each month in 2025.
Standard Bank views the partnership with Paymenow 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 globally, with the market 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%. This growth is driven by rising wage vulnerabilities and increasing regulatory acceptance, with at least 20 US states exploring EWA legislation in 2025 signaling broader adoption and market maturity.
Nobrega emphasized the need to disrupt the pattern of recurring debt through a model grounded in consistent earnings and long-term financial resilience. Paymenow aims to broaden its footprint into more African regions where conventional financial services fall short. As of now, the company serves South Africa, Namibia, and Zambia.
Despite current public data not specifying the global market size or compound annual growth rate (CAGR) explicitly through 2034, the trend and regulatory momentum suggest a strong growth trajectory likely sustaining a multi-billion-dollar market globally by 2034. This expansion is driven by increasing employer adoption to retain workers and consumer demand for financial flexibility.
For those seeking a detailed CAGR or specific global projection for 2034, such figures may be available in specialized market research reports beyond the freely available summaries cited here.
Financial inclusion is a key focus for Paymenow as they aim to broaden their services in regions where conventional financial services fall short, using their new loan offering as a pivotal step. To achieve this, the fintech company is collaborating with traditional financial institutions like Standard Bank, with the aim of redefining financial interactions between employers and employees by leveraging flexible financial tools and early wage access.
