CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

  • PODCAST
CRESTHUB
  • NEWS
    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result
Home News

Earnipay secures $4 million to Provide On-Demand Salary Access to African Employees

by Shalom Oyero
February 17, 2022
in News
Reading Time: 4 mins read
0
Earnipay secures $4 million to Provide On-Demand Salary Access to African Employees
Share on FacebookShare on Twitter

Earnipay, a fintech solution that provides flexible and on-demand salary access to income earners, has closed a seed round of $4 million. 

The round was led by Canaan, with participation from XYZ Ventures, Village Global, Musha Ventures, Ventures Platform, Voltron Capital, and Paystack CEO Shula Akinlid.

Speaking about the funding round and the recent launch of Earnipay, Nonso Onwuzulike, CEO Earnipay says, “Financial concerns are the main cause of distractions in the workplace. The monthly pay cycle means that employees are often unable to afford day-to-day expenses, cover emergencies, or take advantage of immediate financial opportunities.”

As a result, they become vulnerable to predatory payday loans and get stuck in endless debt cycles with unrealistic repayment periods and exorbitant interest rates. Earnipay exists to address this issue and offer an ethical alternative to instant payroll access while helping employers improve employee engagement and retention, at no cost to their business. “

Earnipay, founded by Nonso Onwuzulike, aims to improve the financial well-being of employees by partnering with employers to seamlessly integrate their payroll systems with fintech technology.

This way, employees can track their accumulated salaries and withdraw them via the app on any day of the month. At the end of the month, the employer deducts the amount withdrawn from the employee’s salary, returns it to Earnipay, and then pays the employee the remaining balance as salary for that month.

Earnipay charges employees a small processing fee of  250 or 500 naira for this access. There is no refund and no interest because the employees get what they worked for, their own money, unlike a loan.

Employers can sign up to Earnipay via its web platform to gain access to the employer dashboard and add their employees in a simple process.

With the funding raised, Earnipay will accelerate the development of its technology platform to serve large enterprise employers. By doing so, the company will provide employees with the tools they need to make better financial decisions and improve their quality of life. It also plans to offer its on-demand salary solution to 200,000 employees by the end of 2022.

Onwuzulike believes the future of salary is ‘on demand’ and Earnipay is poised to be at the forefront of this revolution within the African workforce.

Thus, access to on-demand salary is a huge opportunity in Africa. With over 70% of Africa’s workforce, 500 million people, getting paid every 30 days and living from paycheck to paycheck, 40% of the workforce is trapped in an endless cycle of debt as they struggle to match their income with their daily expenses and emergencies, and opportunities.

Earnipay officially launched its operations in January 2022, having been in development and beta testing since September 2021. Since the trial run, the company has served more than 20 companies, outsourcing companies, and HR solution providers in Nigeria, including Eden Life and Thrive Agric, whose employees have used the app to access their paychecks several times, thus, indicating a strong demand for the solution.

“We have seen access to wage earnings grow rapidly in many markets and believe it is a natural fit in Africa,” said Brendan Dickinson, Partner at Canaan. 

“Earnipay has quickly established itself with a product that is tailored to the payroll behaviors in this region, and early employer uptake is very strong. We are pleased to have been given the opportunity to partner with them.”

Related

Tags: africaEarnipay
Previous Post

PODCAST: Blockchain and Cryptocurrency Adoption in Nigeria

Next Post

Y Combinator-backed Startup, CrowdForce raises $3.6M in a pre-Series A Funding to Scale up Access to Financial Services 

Next Post
Y Combinator-backed Startup, CrowdForce raises $3.6M in a pre-Series A Funding to Scale up Access to Financial Services 

Y Combinator-backed Startup, CrowdForce raises $3.6M in a pre-Series A Funding to Scale up Access to Financial Services 

Flutterwave and Paga becomes Payment Providers for Twitter Tipping in Nigeria

Flutterwave and Paga becomes Payment Providers for Twitter Tipping in Nigeria

No Result
View All Result

CRESTHUB MAGAZINE

Popular Posts

  • The Impact of E-commerce in Strengthening the Supply and Distribution Chain of Nigerian Businesses
  • Flutterwave debunks Alleged Reports of Hacked Accounts
  • Nigeria’s Cash Swap Policy: Goals versus Results
  • WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa
  • Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

Cresthub

Learn, Start and Grow your Business with Innovative Business Solutions at Cresthub.

Company

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

Products

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

Socials

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address