Viva Finance Private Limited, an emerging player in Pakistan’s fintech landscape, has officially been granted a Non-Banking Financial Company (NBFC) license by the Securities and Exchange Commission of Pakistan (SECP). This milestone will allow the company to offer a suite of financial wellness products and services, under the brand name NOVA Finance, to individuals and businesses across the country.
NOVA Finance’s mission is to improve the financial lives of everyday earners in Pakistan by alleviating the stress of managing finances between paychecks. The company aims to provide financial flexibility, helping individuals break free from the cycle of living paycheck to paycheck. By offering innovative solutions, NOVA Finance seeks to empower users to achieve greater financial freedom and live more fulfilling lives.
The first product to be introduced by NOVA Finance is its Earned Wage Access (EWA) solution. EWA is a software solution designed to help employers improve the financial security and flexibility of their employees by enabling them to access their earned wages before payday. This can make a significant difference for employees, allowing them to manage unexpected expenses or plan for important purchases without waiting for the end of the month.
The EWA tool is designed with ease of use in mind, featuring a web portal for employers to automate the process of disbursing advance salaries. Through the NOVA Finance mobile app, employees will have the ability to instantly access their wages, anytime and anywhere. This seamless integration of financial services into the workplace is expected to improve employee productivity, retention, and overall satisfaction. With financial stress alleviated, employees can focus more on their work, and companies can attract and retain top talent.
NOVA Finance’s approach is driven by a growth mindset and a strong commitment to advancing Pakistan’s fintech sector. The company is led by a team of experienced professionals with expertise in finance, risk management, information technology, and marketing, ensuring a well-rounded approach to delivering financial solutions.
Viva Finance’s CEO, Vahid Najafzadeh, highlighted the company’s commitment to using cutting-edge technologies to develop market-leading products at affordable prices. The company’s focus remains on creating a seamless customer experience while supporting the financial well-being of its users. “Our slogan is ‘Life doesn’t wait for payday.’ We designed our services with respect for our customers, allowing salaried individuals to have immediate access to their earnings. Whether buying a gift for a friend or taking care of an urgent expense, employees will no longer need to wait until payday to access their money,” he explained.
With the acquisition of the NBFC license, Viva Finance is poised to make a significant impact in Pakistan’s fintech space, offering practical solutions that address the financial needs of individuals and businesses alike. The company’s commitment to financial inclusion, employee well-being, and innovative technology positions NOVA Finance to become a leader in the country’s rapidly evolving financial services sector.
