We’ve all been there. It’s the middle of the month and there’s yet another bill to be paid or an opportunity for the taking and you can’t grab it. What do you do? Borrow from friends or family? Take out a payday loan?
For millions of Nigerians, doing either of the above options opens the door to undesirable scrutiny or being stuck in a debt cycle where interest rates can go as high as 36%!
This isn’t fair. But what’s even more unjust is that many people have already earned enough to cover the bills they need to pay or grab the opportunities ahead of them. They just couldn’t access it. Until now.
What started as an idea in July, 2021 with an initial team of 3, is today a solution that partners with employers of various sizes to offer employees flexible access to their earned pay. This means that employees can access the money they’ve worked for in their bank accounts ahead of payday.
Here’s what you need to know about Earnipay
- Employers can offer Earnipay to staff as an employee benefit that reduces financial stress and improves workplace productivity
- They can do this at zero cost to the business and with very seamless payroll integration
- Earnipay is not a loan (you’re only accessing the money you’ve worked for when you need it) so there are no paybacks and zero interest fees, just a flat processing fee
- It’s really that simple!
So how does it work?
- Employers sign up for free and get onboarded
- Staff download the Earnipay app on their mobile devices
- The app is integrated with their employers’ payroll system and lets staff track in real-time how much they have earned so far in the month
- Staff can access up to 75% of their earned pay allowing them to live the life they’ve earned
- Processing fees are N250 for transactions between N2000 – N5000 and N500 for transactions between N10,001 – N50,000
- Earnipay credits the employee’s account directly – at the end of the month, an automated reconciliation happens where any funds accessed by an employee from Earnipay are deducted and the balance forwarded to the employee’s bank account
We’re excited to announce that we raised a $4M seed round backed by amazing investors to materialize our vision of improving the financial well-being of income earners in Africa. The funding will enable us to invest in strengthening the product and delivering best-in-class support to all our partners and end users.
Now, we look towards the future.
Find out more about how you can offer Earnipay to your team or tell your employer about Earnipay by contacting us here