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Nigerians have always migrated from our country to other nations in search of greener pastures. Many of the youths left or are in the process of leaving either for further studies or other purposes. Perhaps this migration will never end considering how deplorable our living standard has become. It has even led to a brain drain in the country. Brain drain refers to the situation where field professionals leave their countries for other countries in search of greener pastures. As much as many have left, not everyone eventually will.

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Now that the penetration of smartphones and the internet has improved tremendously in Nigeria. There are myriad opportunities in every sector of the economy. Nigerians no longer have to migrate to other countries. They can now work and get paid right in Nigeria. This is due to the power and potential of technology. Nigerian tech enthusiasts stand the chance of working with global companies alongside their counterparts in other African countries.

However, there are challenges to making this feasible. The first is that many tech talents cannot access these opportunities because of the difficulties in hiring employees in countries where the business has no legal entity. It makes them lose opportunities or causes the terms of their employment to be renegotiated to reflect these realities. Again, there are issues in payments because it takes time for global companies to sort out some payment issues. Finally, they have to contend with converting their salaries to the naira when they are finally paid. A situation that makes them waste time with banks and exchange agents.

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Having experienced these problems firsthand in his previous jobs, Victor Alade, the chief executive officer of Raenest partnered with Richard Oyome and Sodruldeen Mustapha to launch Raenest in 2021. Raenest is a recruiting and payroll platform that enables global companies to hire workers in Africa. That said, it helps businesses “hire and pay their African employees compliantly”. Think of it as a startup that operates a human resource management system and helps different businesses build remote teams. Some of its major services include automated onboarding, verification and salary disbursement in multiple currencies, creating virtual cards, enabling businesses to coordinate payments, sorting out compliance, and taxes, and easy controlling of team expenses.

Raenest benefits both employers and employees differently. For employers, it helps them recruit employees and remote contractors in over 120 countries and pays them in 50 currencies. It helps them handle their hiring and payroll. This makes it easy to hire workers anywhere in the world without having a legal entity. They also handle taxes and contracting and ensure that the salary gets to the employee in minutes. It also gives virtual cards to employers so they can manage their employees’ expenses by setting a spending limit. On the other hand, Raenest enables employees to convert their salaries to their local currencies at great rates.

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Again, it offers them multiple pay-out options, including their bank accounts, mobile money, PayPal, Revolut, and transferwise, at zero charges. They can also make transfers using their email or Raenest tags. There’s also a service offering known as geegpay. It allows freelancers to create a virtual account through which they receive payments from employers.

Business Model

Raenest operates a business-to-business model and a business-to-consumer model. The B2B means businesses can use the platform while the B2C means it also caters to individual customers. It makes money through flat fees paid by companies for every talent hired through the platform. It also charges companies $3 to create a corporate virtual card and plans to offer salary advances. The salary advance offering comes with an interest of 2.5 per cent. However, salaries below $30 are not charged any interest and finally from currency conversion. Geegpay, its B2C offering has been used by over 6,000 people since it was launched in April 2022. Finally, Raenest plans to expand into other African countries after raising a pre-seed round. It also wants to build other solutions to increase employee productivity.

Featured Image Source: Reanest
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This article was first published on 28th July 2022


I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

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