AAfter securing $4 million in seed funding, access to earned wages and a financial services provider, Earnipay, pledged over the weekend to help “salaried employees” in Nigeria and across the African continent better control their finances.
This would be done through its flexible on-demand access to earned wages.
Noting that more than 40% of workers must finish spending their wages before being paid, the company promised to fill the void by offering employees flexible wages.
Since the service began in February, the company said more than 100 million naira had been paid out to employees with a plan to reach 200,000 employees before the end of the year.
This, he said, saves them “from predatory interest rates, the embarrassment of loan sharks and predatory payday lenders or taking on more debt, and a drop in payday advance programs.”
Earnipay enables employers to provide employees with instant access to their earned wages at any time without making changes to their existing payment process or any cost.
For as little as 250 naira, employees can withdraw up to 50% of their earned or accrued daily wages at the time of access, at any time of the month and without interest to them.
Addressing a press conference in Lagos, Earnipay Founder and CEO, Nonso Onwuzulike said reaching 200,000 employees by the end of 2022 would contribute positively to Nigeria’s socio-economic agenda.
“We are giving employees better control of their finances by developing a network of tools and an ecosystem that allow them to reduce the time it takes to access money and make better decisions about how they spend, save and invest. With Earnipay, Payday is any day,” he said.
He also expressed his company’s dedication to ensuring the financial well-being of all employees in Nigeria.
COO Busayo-Onome Oyetunji noted that the company has more than 40 employers it works with and glowing testimonials on how this breakthrough product has helped individuals during these trying times.