Company gives access to salaries before payday
A technology company, Lastmile Financials Limited, has launched PayMasta, an earned wage access and personal finance management app that allows employees to access their salaries before payday.
At the unveiling in Lagos, Chief Evangelist and co-founder of PayMasta, Mr Gerald Erih, said the launch of the EWA application would give employees instant access to their salaries as soon as they are earned, rather than waiting 30 days for payday and around Zero costs for the employer.
He added that it would increase employee productivity, engagement and loyalty.
Erih said, “PayMasta gives employees the ability to use part of their already-earned monthly salary in an emergency to pay bills or other unexpected financial situations, reducing financial stress and the need for expensive payday loans, overdrafts or credit cards.
“Our target audience is employees who basically work 9 a.m. to 5 p.m. every day, living paycheck to paycheck. “In Nigeria, that’s about 80 percent of the working-class population. We’re about not only giving them access to the money they earn when they need it, when they need it, but also helping them plan their finances and track their spending.
“There are no costs for the employer. There’s nothing to lose, there’s so much to gain because your employees will be happier, more engaged, more committed and not thinking about financial stress. Financial stress is the number one factor affecting employees worldwide.”
Also, Michael Domino Jr., co-founder of Lastmile Financials Limited, said the launch of the application was strategic given the financial struggles faced by the day-to-day worker and the difficult financial decisions required to move beyond the making ends meet has been identified.
“We at LastMile Financials are thrilled; We celebrate the Nigerian workforce by offering PayMasta as the next big solution for employee compensation and benefit plans,” said Domino.
All rights reserved. No part of this material or any other digital content on this site may be reproduced, published, transmitted, transcribed or redistributed without the prior express written permission of PUNCH.
Contact: [email protected]