Islamabad, Nov 5: Neem, a leading platform for embedded finance in Pakistan, has secured an extra $4 million credit facility from DNI Group, a worldwide investment firm active in 32 countries and a collaborator with Neem.
This investment is intended to expand Neem Paymenow, Neem’s earned wage access solution, to a greater number of employees in Pakistan, tackling the financial difficulties encountered by the country’s workforce.
With more than 60 million workers, numerous employees in crucial fields such as healthcare, security, manufacturing, and logistics in Pakistan face financial pressure between their salaries.
Increasing living expenses and unexpected costs frequently lead employees to resort to high-interest loans, which can ensnare them in cycles of debt that impact their families and overall well-being.
Neem Paymenow provides a Shariah-compliant, debt-free option that enables employees to withdraw as much as 50% of their earned income whenever necessary, helping them to close financial gaps without incurring debt.
Furthermore, it features gamified financial literacy tools that teach crucial skills such as saving, budgeting, and fraud awareness, empowering individuals to develop healthier financial practices.
“We’re excited to support Neem in expanding a solution that has a meaningful impact,” stated Ziyaad Manie, Chief Strategy Officer of DNI Group.
“Our investment reflects our commitment to financial inclusion and the vision to bring positive change to Pakistan’s workforce.”
In a period of decreased investment flows into Pakistan, this funding indicates a renewed trust from international investors and a dedication to financial well-being.
The support from DNI will allow Neem to expand its reach to more businesses and employees, fostering a sustainable approach to financial resilience for the workforce in Pakistan.
As stated by Neem co-founder Naeem Zamindar, this collaboration with DNI and Paymenow highlights Neem’s goal to improve economic stability and financial inclusion throughout the nation.
This funding not only propels Neem’s objectives forward but also underscores the increasing significance of ethical and inclusive financial services for marginalized communities in Pakistan.
