Viva Finance Private Limited, a fintech startup focused on improving financial inclusion in Pakistan, has achieved a significant milestone by acquiring a Non-Banking Financial Company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP). This newly acquired license enables the company to roll out its financial services under the brand name NOVA Finance, with the vision to empower everyday earners by offering financial flexibility and easing the stress of waiting for payday.
The launch of NOVA Finance is a response to the growing need for financial wellness solutions in Pakistan, particularly for salaried employees who face challenges managing finances between paydays. With the help of cutting-edge financial technology, the company aims to provide accessible and seamless financial solutions to individuals and businesses. By targeting employees who often find themselves in financial crunches before their next salary, NOVA Finance intends to promote sustainable financial practices and enhance the well-being of its customers.
At the heart of NOVA Finance’s offerings is its Earned Wage Access (EWA) solution, a first-of-its-kind product in Pakistan designed to bridge the gap between paydays. The EWA tool empowers employees by allowing them to access wages they have already earned before their official payday. This solution is integrated with a user-friendly mobile app, enabling workers to withdraw their earnings instantly, anytime, anywhere. Along with the app, employers can access a web portal where they can automate the process of disbursing advance salaries to their employees, offering a seamless and efficient way to manage finances.
The EWA tool aims to provide more than just a financial lifeline for employees. It also promises to benefit businesses by improving employee productivity, enhancing retention rates, and attracting top talent. By offering employees immediate access to their earnings, companies can create a more financially secure and satisfied workforce, which in turn can lead to better results in terms of employee morale and performance.
Viva Finance is driven by a growth mindset and a commitment to advancing Pakistan’s emerging fintech sector. The company’s leadership team comprises experts from various fields, including finance, risk management, product development, and marketing. These professionals bring a wealth of experience to the table, helping NOVA Finance stand out as a promising player in Pakistan’s rapidly growing financial technology space.
Vahid Najafzadeh, CEO of Viva Finance, emphasized the company’s focus on ensuring financial well-being for its customers. He explained that the company’s EWA tool is designed to help salaried employees access their earned income whenever they need it, without waiting for payday. This flexibility is especially beneficial for managing unexpected expenses, such as purchasing a gift or dealing with an emergency, making life easier for individuals who often struggle with financial pressure. “Life doesn’t wait for payday,” said Najafzadeh, highlighting the core message behind NOVA Finance’s offerings.
With the approval from SECP, Viva Finance is now in a prime position to tap into the growing demand for digital financial services in Pakistan. By offering solutions like the Earned Wage Access tool, the company aims to revolutionize the financial ecosystem, making it more inclusive and accessible for salaried employees across the country. As the fintech landscape continues to evolve, NOVA Finance’s innovative services are expected to foster a more financially secure and empowered workforce, contributing to the overall growth of the sector and improving financial inclusion in Pakistan.
As fintech continues to gain traction in Pakistan, NOVA Finance’s entry signals a positive shift towards more inclusive financial services. With a focus on financial wellness and accessibility, the company is poised to make a lasting impact on the financial habits of individuals and businesses alike, setting the stage for a more financially inclusive future.
