Dubai, October 16, 2024: Codebase Technologies is proud to announce its strategic partnership with Abhi, a leading financial wellness platform in the MENAP region, to introduce innovative Earned Wage Access (EWA) solutions across multiple geographies through Codebase Technologies’ Digibanc platform. This collaboration signifies a major milestone in advancing global financial inclusion, offering businesses cutting-edge tools to support their employees’ financial well-being.
Recent reports indicate that approximately 76% of workers live paycheck to paycheck, and over 60% of employees experience financial stress that directly impacts productivity and job satisfaction. Furthermore, with 1.7 billion people worldwide lacking access to formal financial services, the need for accessible financial solutions is more critical than ever. The collaboration between Codebase Technologies and Abhi addresses these pressing issues, providing an alternative to high-interest loans and costly credit options.
Raheel Iqbal, Managing Partner of Codebase Technologies, stated: “We are thrilled to partner with Abhi to offer an innovative solution that addresses the financial well-being of employees on a global scale. With Digibanc’s robust platform and Abhi’s cutting-edge EWA technology, we are making a significant stride in driving financial inclusion and enabling businesses to support their employees in a meaningful way.”
Abhi’s Co-Founder & COO, Ali Ladhubhai added: “Partnering with Codebase Technologies represents a transformative opportunity for Abhi to accelerate our mission of democratizing access to financial services. By leveraging the power of Digibanc’s platform, we are extending these benefits across multiple geographies, giving people instant access to their earnings when they need them most. At the same time, we are enabling businesses to adopt smarter, more efficient ways to manage cash flow, creating a win-win for both employers and employees.”
Founded in 2021, Abhi is promoting financial inclusion across the region, serving Pakistan, UAE, and KSA with its innovative credit-bridging products. These offerings, which include Earned Wage Access, Payroll Solutions, and SME Financing, are designed to empower businesses and their employees financially. Abhi has earned recognition as one of the Future 100 companies in the UAE and is also the first to receive the Technology Pioneer 2023 Award from the World Economic Forum, making fintech history in the MENAP region.
Digibanc, Codebase Technologies’ award-winning platform, plays a crucial role in making this integration process smooth and efficient. With its flexible, scalable, and fast-to-market approach to creating and launching digital financial products, Digibanc allows for seamless API-based integrations. By integrating Abhi’s solution into Digibanc, Codebase Technologies offers businesses a unique opportunity to support their workforce, reduce financial stress, and enhance overall productivity. Abhi allows employees to access up to 50% of their accrued salaries instantly, providing a reliable safety net for unexpected expenses or emergencies.
Codebase Technologies has a proven track record of helping key banking clients launch advance salary and early wage access programs in the MENA region, promoting employee wellness and financial inclusion. The simplicity and effectiveness of Digibanc’s integration process not only reduces the workload on HR and finance departments but also empowers businesses to retain talent and maintain employee satisfaction by providing an innovative financial wellness benefit.
