Nigerian fintech startup Earnipay, which provides flexible and on-demand salary access to income-earners, is now quickly scaling after US$4 million funding round.
Founded by Nonso Onwuzulike in 2019, Earnipay integrates employer payroll and HRM systems to enable on-demand financing for employees to access their earned salary instantly, without interest.
Its solution helps organisations improve employee engagement and productivity by relieving financial stress caused by eliminating the need for a salary advance or predatory payday loans with interest rates.
Onwuzulike initially started Earnipay to address the high attrition rate among waste collection staff at his recycling company. Upon transitioning from a monthly payment schedule to a more flexible system, offering weekly or bi-weekly payments, productivity improved and employee retention increased. He then surveyed 100 formal employees within his network to assess their financial needs and employer responses to those needs.