Saudi's Tasheel Partners with Egypt's NowPay to Launch 'Now Access' Wage Processing Venture
The Saudi fintech firm Tasheel has announced the launch of "Now Access," a new venture specializing in wage processing services in Saudi Arabia. This major initiative is being launched in partnership with the leading Egyptian fintech company NowPay Corp, with Tasheel holding a 75% stake in the new venture.
Introducing Earned Wage Access to the Kingdom
Now Access is set to introduce and expand Earned Wage Access (EWA) and other wage processing services, such as payroll administration, to the Saudi market. The EWA model revolutionizes traditional payroll by allowing employees of participating companies to access a portion of their earned salary on-demand at any point during the month, rather than waiting for a fixed payday. This provides employees with greater financial flexibility and helps reduce financial stress.
A Powerful Saudi-Egyptian Fintech Alliance
This venture represents a significant cross-border collaboration between two key players in the MENA region's fintech scene. Saudi's Tasheel brings local market expertise and substantial investment, with initial capital for "Now Access" set at approximately $2.6 million (SAR 10 million) and further investments planned up to nearly $20 million (SAR 75 million). Egypt's NowPay contributes its proven technology and deep experience in the EWA domain.
A Win-Win for Employees and Employers
The services offered by "Now Access" are designed to benefit both employees and their employers. For employees, it provides a crucial tool for managing unexpected expenses without resorting to high-cost debt. For employers, offering EWA is a powerful, modern benefit that can significantly improve employee satisfaction, retention, and overall financial wellness.
Aligning with Saudi Vision 2030
The launch of "Now Access" is directly aligned with the goals of Saudi Arabia's Vision 2030 and its Financial Sector Development Program. This initiative supports the national push to expand digital payments, foster the growth of the local fintech sector, and attract innovative international partnerships to the Kingdom.
About the Partners
Tasheel: A leading Saudi financial technology company that provides a range of financing and digital payment solutions to consumers and businesses in the Kingdom.
NowPay: A pioneering Egyptian fintech company specializing in financial wellness solutions for employees, globally recognized for its Earned Wage Access (EWA) platform.
Looking Ahead: Transforming Payroll in Saudi Arabia
The establishment of "Now Access" by Tasheel and NowPay is poised to have a significant impact on the payroll and employee benefits landscape in Saudi Arabia. This powerful Saudi-Egyptian partnership is set to accelerate the adoption of flexible payment solutions, contributing to a more dynamic and inclusive financial ecosystem in the Kingdom.
Source: Waya Media