Earnipay to Expand Business Across Sub-Saharan Africa | The Guardian Nigeria News
…Offer an on-demand salary solution to 1 million employees
An indigenous fintech solutions provider, Earnipay, has unveiled plans to expand its business operations across sub-Saharan Africa, just as the company aims to offer on-demand payroll solutions to one million employees over the next five coming years.
At a press briefing yesterday in Lagos, CEO, Nonso Onwuzulike said that with the recently secured $4 million seed capital, the company is well positioned to provide on-demand salary access to African employees.
He said the company is poised to improve employees’ financial well-being by partnering with employers to seamlessly integrate their payroll systems with its fintech and ensure access to on-demand pay. to employees at any time.
According to him, employees can track and withdraw their accrued wages through the Earnipay app any day of the month while the employer deducts the withdrawn amount from the employee’s wages, reimburses Earnipay with it, and then pays the employee. the balance as salary for that month at the end of the month.
“Since the launch in January 2022, employers have accessed up to N100 million in Earnipay. This is a clear indication that we are solving problems in Nigeria. We just need to partner with more Nigerians. We partner and integrate existing payroll. We do not modify the existing system so as not to cause disruption. »
Onwuzulike said financial worries are the main causes of low productivity in the workplace, noting that with monthly pay cycles, employees are often unable to pay daily expenses, cover emergencies or take advantage of immediate financial opportunities.
He said this monthly salary system exposes employees to accessing loans and getting stuck in endless cycles of debt with unrealistic repayment periods and high interest rates.
“A lot of people don’t have good financial habits. Earnipay will help employees make good financial decisions and become better managers. We also offer financial advisory services. People who are victims of Ponzi schemes due to lack of financial management in Nigeria.
Managing Director, Busayo Oyetunji, said the product provides an ethical alternative to instant access to salary and sets itself up to create a “win-win” situation for employers and employees and enable employees to have better control of their finances.
“We want to solve the problem of lost workforce productivity that occurs when employees don’t have easy access to their finances. We provide financing and flexible payment terms and schedules. We offer these services to employers for free compared to paid loan providers who charge interest. »
She urged businesses and financial institutions to take advantage of the flexible compensation solution to increase productivity and create an effective employer/employee relationship.