Since Earnipay is a popular on-demand pay service in Nigeria that has gained a lot of attention in the past year due to poignancy in solving finance and people operations challenges for businesses, many people have been wondering if they can enjoy the best-in-class benefits of Earnipay outside Nigeria.
That’s quite anticipated. To whom much is given, much is expected. In this article, we’ll explore whether or not you can use Earnipay outside the shores of Nigeria, the concept of on-demand pay in and outside the country, and Earnipay’s role in all of these.
Let’s have an instant go at it then.
Does Earnipay Work Outside Nigeria?
The direct answer is no. Earnipay does not work outside Nigeria for now. Currently, Earnipay is only available to users in Nigeria. However, the company has plans to expand its services to other countries in the future. So while you can’t use Earnipay outside of Nigeria at the moment, you’ll definitely be able to do so in the nearest future.
Is On-Demand Pay Available Outside Nigeria?
This is a straight yes. For a service that allows employees to access their salary as long as they’ve worked it, its wide acceptance is expected.
On-demand pay is certainly available in other countries, but they may operate under different names and have slightly different features. Some countries refer to on-demand pay as Earned Wage Access (EWA).
For example, in the United States, there are several on-demand pay services available, and popular amongst them are Earnin and DailyPay.
The name may vary in different countries, but all on-demand pay services also allow employees to access their earnings before their scheduled payday. However, the adoption rate, eligibility requirements, fees, and features of these foreign services may differ from that of Nigeria.
Talking about the adoption rate, let’s take the USA for example. According to DailyPay’s CFO — Scot Parnell, 37% of companies with 500 or more employees are either using earned wage access to some degree or are at least considering it. While it’s also estimated that 45% of Canadians prefer having instant access to the cash they’ve earned, as it helps them with more liquidity to manage unexpected expenses, investment planning and improve their financial well-being altogether.
Without an inkling of doubt, on-demand pay has garnered acceptance globally, as it’s not restricted only to younger workers who prefer not to rely on traditional banks and have digital-driven preferences, including mobile money management tools.
In fact, the Always Designing for People (ADP’s) latest research into new payment methods revealed that a whopping 91% of millennials and 82% of Gen Z workers said it’s important for their employer to offer them earned wage access.
That’s not all, over half (57%) of Gen X and Baby Boomer workers polled by ADP said it’s important to them as well.
No one wishes to be left behind, as you can see, the interests of all generations as regards on-demand pay is clearly stated in the statistic above.
You’d also agree with the notion that money now is better than money later, wouldn’t you?
On-Demand Pay In Nigeria
On-demand pay, or in a way peculiar to Nigerians — “I earn it, I cash it,” as we’ve subtly highlighted above is a feature available for employees to access their earned wages at any time they need it, rather than having to wait for the regular payday.
A typical Nigerian employee wouldn’t pass on this option if given the opportunity. However, this hasn’t been widely embraced by business owners.
On-demand pay is a relatively new concept in Nigeria, but it is gaining traction in recent years. This service is usually provided by third-party financial platforms (like Earnipay) that partner with employers to facilitate access to funds.
Nigeria has seen the rise of top on-demand pay platforms in recent years, offering workers the ability to access a portion of their earned wages before payday. These platforms are designed to help employees manage their finances better by providing them with more flexibility and control over their earnings.
On-demand pay in Nigeria has been embraced by some selected & oriented employers who see it as a way to attract and retain talent, particularly in industries with high employee turnover rates. It also benefits employees by providing them with greater financial security, allowing them to pay bills on time and avoid high-interest loans.
It’s important to note that the adoption of on-demand pay varies across industries and regions in Nigeria.
Overall, it’s a promising development in Nigeria that has the potential to improve financial inclusion and well-being for workers. However, there is a need for regulations to protect workers and ensure that the system is fair and transparent.
That being said, there are concerns about the potential for abuse of on-demand pay systems by employers, who may use it as a way to avoid paying workers in full or on time. There are also concerns about the security of personal and financial information when using on-demand pay platforms, as well as the potential for excessive charges.
To be on the safer side of all these possible complications, Earnipay’s on-demand option is all you need. Visit https://earnipay.com/products/on-demand-pay to get started.