Earnipay, a fintech company founded in 2022 has unveiled a platform that enables employees to get access to finance in their organisations.
According to the fintech company, the platform enables employers to integrate their payroll system so employees can access and withdraw their monthly salary at any day of the month.
The platform will help in curbing financial problems among staff which are major distractions in various workplaces.
Nonso Onwuzulike, chief executive officer of Earnipay while speaking about the platform said, “Our goal is to partner with employers to provide flexible and on-demand salary access to improve employee financial well-being by providing tools for income earners to make better financial decisions with their investment and improve their quality of life.’’
He explained that Nigerian businesses struggle to provide scalable solutions for employees to access their daily salaries as they work for it due to legacy payroll process, lack of available cash flow, and internal salary advance that remains to be a tedious and manual affair.
Nigerian organisations leveraging the platform don’t need loans and salary advances to fund their daily activities because the technology platform offers them the opportunity to access their earned salaries in their account in real-time and interest-free.
The company stated that the platform charges employees a processing fee of N250 or N500 for this access, adding that there is no payback or interest charge because employees are accessing what they have worked for.
The CEO also noted that they offer financial education for employees to improve their financial literacy with the goal to enable them make better financial decisions.
Apart from being able to access their salary, the platform also offers employees saving opportunity from what they earn, he said
Similarly, Earnipay noted that about 40 companies are already active on the platform with their employees accessing the app over 1,000 times, adding Earnipay’s outlook to conclude the year with over 200 active users.
Meanwhile, the fintech stated that employers need to sign up to access the platform because it is not available for individual employees.
The Earnipay app allows employees to withdraw up to 50 percent of their daily accrued salary as earned at the time of access, at any time of the month and the withdrawal is funded by the company.
Chioma Nwandiko, product manager of Earnipay, said” our first customers are the employers who link us with their employees. Once the employer signs up to our website and indicates their interest, a key account manager will reach out to the employer and set up a commune.”
The company stated that it will be introducing a WhatsApp platform where employees would be able to access all the solutions offered by Earnipay.