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In the informal sector, payments of salary are not structured and can come at any time, whether at the end of the month, day, or the end of the work period. when salaried employees go broke between paydays or run on into a situation that the money they have can’t take care of, they are left in a fix. They have the options of borrowing, taking a loan, or requesting a salary advance. These three options although solving their problems can also cause them other difficulties. For example, loans, most times, come with exploitative interest rates, and salary advance schemes could plummet and cause the employee to go deeper into debt. After a series of an experiment by the founder, Earnipay was launched as a fintech solution, that allows employees flexible access to their accrued salaries on any day of the month. The founder’s original intention for Earnipay was to build a salary advance solution in keeping with similar solutions already in existence in Nigeria, some of them powered by traditional banks. Plans changed when the results of the 100 person survey he carried out showed that 90% of employees being paid salary would rather have flexible access to their accrued salaries. Earnipay is currently in its beta testing stage, with Onwuzulike Chinonso serving as chief executive officer, Busayo Oyetunji as a chief operating officer, and Joshua Ajayi as chief transaction officer. All three of them are co-founders of Earnipay. Earnipay Simply enables employers to offer employees access to their earned salaries instantly at any time without making changes to their existing payment process. Earnipay is inaccessible to individual employees, so employers need to sign up and onboard their staff. The Earnipay app allows employees to withdraw up to 50% of their daily accrued salary as earned at the time of access, at any time of the month. Earnipay funds the withdrawal. For example, if one withdraws money into their salary on the ninth day of the month, it means they’re entitled to take half the amount they’ve earned for working nine days. At the end of the month, their employer deducts from their salary the amount that is withdrawn and uses it to refund Earnipay for initially funding that withdrawal, then pays the employee the balance as their salary for the month.
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How Earnipay works
- Organizations sign up and enrol their employees.
- Employees will receive daily earnings based on their pro-rated monthly salary.
- Employees can now withdraw on earnings funded by Earnipay.
- Money withdrawn is deducted from the employee’s monthly salary. Employees will now receive a net balance on a normal payday.
- Boost employee productivity and motivation by helping them earn as they go.
- Remove pressure on business cash flow to fund salary advances.
- Attract and retain top talent with the financial benefits they deserve.
- Join top employee-centred companies in the world.
- Earn as you work, Anyday is payday with Earnipay.
- Have a financial safety net to cover urgent expenses and unforeseen situations.
- Avoid unnecessary borrowing and loans.
- Access accrued salary on the go via mobile app, used, or web.
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