A tech firm, Lastmile Financials Limited, has introduced PayMasta, an Earned Wage Access and personal finance management app that allows employees to access their salaries before payday.
Speaking at the unveiling in Lagos, Chief Evangelist and Co-founder, PayMasta, Mr Gerald Erih, said the introduction of the EWA application would provide employees immediate access to their salaries as soon as it is earned rather than waiting 30 days for payday and at zero cost to the employer.
He added that it would boost employees’ productivity, engagement, and loyalty.
Erih said, “PayMasta gives employees the opportunity to use a portion of their monthly salary already earned in case of an emergency, to pay bills or other unexpected financial situations, this reduces financial stress and the need for expensive payday loans, overdrafts, or credit cards.
“Our target audiences are employees that basically work 9am to 5pm daily and live paycheck to paycheck. “In Nigeria, that’s about 80 per cent of the working-class population. We are all about enabling them not just about having access to money that they earn when they need it anytime but also help them plan their finances and track their expenses.
“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 and engaged and do not think of financial stress. Financial stress is the number one factor affecting employees globally.”
Also speaking, Co-founder of Lastmile Financials Limited, Mr Michael Domino Jr, said the launch of the application was strategic as it identified with the financial struggles faced by the everyday employee and the tough financial decisions needed 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 plan,” Domino said.