BusinessDay
NigeriaDecides2023

Paymasta enters Nigeria’s fintech space to ease employees’ salary needs

Determined to provide employees ease of access to their salaries and to boost productivity, Paymasta has launched an earned wage access and personal finance management app in Nigeria.

The application, developed by Nigerian fintech innovators from Lastmile Financials Limited, provides employees access to their salaries at zero cost to the employer as soon as it is earned rather than waiting for 30 days for payday.

Gerald Erih, chief evangelist and co-founder, of Paymasta, said the app allows employees of organizations to access their salaries before payday.

Speaking at the media launch of the App in Lagos recently, Erih said Paymasta gives employees the opportunity to use a portion of their monthly salary already earned in case of an emergency, to enable them to pay bills or other unexpected financial situations.

He added that such reduce financial stress and the need for expensive payday loans, overdrafts, or credit cards.

According to him, the App is for employees that basically work 9 am to 5 pm daily, and live on a paycheck.

“In Nigeria, it is about 80 percent of the working-class population. We are all about enabling them not just to have access to money that they earn when they need it, but to also help them plan their finances and track their expenses,” Erih said.

Read also: What embedded finance means for Nigeria’s retail lending

Continuing, Erih said: “There is no cost to the employer. There is nothing to lose, there is so much to gain because your employees are happy, are more committed, engaged, and do not think of financial stress. Financial stress is the number one factor affecting employees globally.”

Michael Domino Jr, the co-founder of Lastmile financials, said the launch of the application was strategic as it identifies with the financial struggles faced by the everyday employee and the tough financial decisions, they make daily to make ends meet.

“To us in LastMile Financials, we are excited; we celebrate the Nigerian workforce by providing Paymasta as the next big solution in employee compensations and benefit plans,” Domino said.

He further said that Paymasta is born out of a genuine response to a valid need of employees who work day in and day out to earn a living in the pursuit of happiness, adding that the developer identified the problem and has stepped ahead to also mitigate it by offering a thought out solution.

“Employers can ease their employees’ financial stress by providing a solution that exposes them to smarter ways to manage their personal finances, by increasing liquidity for employees, and to provide access to continuous cash-flow to meet unexpected expenses,” he said.

On his part, Adeniyi Nehemiah, founder of The Nehemiah Place, said in his keynote speech titled, ‘Using Technology to Drive Compensation and Employees Benefits in Today’s Workplace,’ that today’s technology will bring ease to employees, drive compensation and employee benefits in the workplace.

He added that Paymasta was meant to bring rest to employees, especially on their financial needs.