After securing a $4m seed funding, earned wage access and financial service provider, Earnipay, at the weekend vowed to assist ‘salaried employees’ in Nigeria and the African continent to have better control of their finances.
This would be done through its flexible on-demand access to earned salaries.
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Noting that over 40 percent of workers must have finished spending their salaries before they are paid, the firm has promised to fill the gap by providing employees flexible salaries.
Since the commencement of the service in February, the firm said over N100m has been disbursed to salary earners with a plan to reach 200,000 employees before the end of the year.
This, it said, saves them from “exploitative interest rates, embarrassment from loan sharks and predatory payday lenders or going down the rabbit hole of further debts, and a plummeting of salary advance schemes.”
Earnipay enables employers to offer employees access to their earned salaries instantly at any time without making changes to their existing payment process nor any cost whatsoever.
For as low as 250 naira only, Employees are able withdraw up to 50% of their daily earned salary or as accrued at the time of access, at any time of the month and at no interest to them.
Addressing a news conference in Lagos, Earnipay founder and CEO, Nonso Onwuzulike said by reaching 200,000 employees by the end of 2022, it would be positively contributing to Nigeria’s socio-economic agenda.
“We are ensuring salary earners have a better control of their finances by developing a network of tools and an ecosystem that enables them to reduce the time to access money, and make better decisions on how they spend, save and invest. With Earnipay, Payday is any day,” he said.
He also expressed his firm’s dedication to ensuring financial wellness for all income earners in Nigeria.
Chief Operating Officer, Busayo-Onome Oyetunji noted that the company has over 40 employers that it is working with and glowing testimonials of how this revolutionary product has helped individuals in their time of dire need.