Earnipay to extend business activities across sub-Saharan Africa
…To offer on-demand salary solution to 1 million employees
An indigenous Fintech Solution provider, Earnipay, has unveiled plans to extend its business activities across sub-Saharan Africa, just as the firm is targeting to offer on-demand salary solutions to one million employees in the next five years.
At a press briefing held yesterday in Lagos, the Chief Executive Officer, Nonso Onwuzulike, said with the seed capital of $4 million secured recently, the firm is well positioned to provide on-demand salary access to African employees.
He said the firm was poised to improve the financial well-being of employees by partnering with employers to seamlessly integrate their payroll systems with its fintech and guarantee access to on-demand salary to employees at any given time.
According to him, employees can track and withdraw their accrued salaries through Earnipay app any day of the month while the employer deducts from the employee’s salary the amount withdrawn, refunds Earnipay with it, then pays the employee the balance as their salary for that month at the end of the month.
“Since the launch in January 2022, employers have accessed up to N100 million from Earnipay. It is a clear indication that we are actually solving problems in Nigeria. We just need to partner with more Nigerians. We partner and integrate with existing payroll. We do not change the existing system so that we do not cause disruption.”
Onwuzulike said financial worries are the leading causes of low productivity in the workplace, noting that with monthly pay cycles, employees are often unable to afford daily expenses, cover emergencies, or take advantage of immediate financial opportunities.
He said this system of monthly salary pay exposes employees to accessing loans and getting stuck in unending debt cycles with unrealistic payback periods and expensive interest rates.
“A lot of people do not have good financial habits. Earnipay will help employees to make good financial decisions and become better managers. We also offer financial advisory services. People falling victim to ponzi schemes due to lack of financial management in Nigeria.”
The Chief Executive Officer, Busayo Oyetunji said the product offers an ethical alternative to instant salary access and sets up to create a ‘win-win’ situation for employers and employees and enable employees to have a better control of their finances.
“We want to solve the problem of loss of productivity in the workforce which arises when employees do not have ready access to their finances. We provide the funding and flexible payment terms and schedules. We offer these services to employers free of charge compared to pay loan providers that charge interests.”
She urged corporate organisations and financial institutions to leverage the flexible salary pay solution to increase productivity and create an efficient employer/employees relationship.