A tech company, Lastmile Financials Limited, has introduced PayMasta, an earned pay access and personal finance management app that allows employees to access their wages before payday.
Speaking at the unveiling in Lagos, Chief Evangelist and co-founder of PayMasta, Mr. Gerald Erih said the introduction of the EWA app will provide employees with immediate access to their pay 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 increase employee productivity, engagement and loyalty.
Erih said, “PayMasta gives employees the flexibility to use part of their already earned monthly salary for emergencies, to pay bills or other unforeseen financial situations, it reduces financial stress and the need for loans. salary, overdrafts or expensive loans. cards.
“Our target audiences are employees who basically work 9 a.m. to 5 p.m. every day and live paycheck to paycheque. “In Nigeria, this represents about 80% of the working population. We want to enable them not only to have access to the money they earn when they need it at all times, but also to help them plan their finances and track their expenses.
“There is no cost to the employer. There’s nothing to lose, there’s so much to gain because your employees are happy, more engaged and engaged, and don’t think about financial stress. Financial stress is the number one factor affecting employees worldwide.
Also speaking, Co-Founder of Lastmile Financials Limited, Mr. Michael Domino Jr said the launch of the app was strategic as it identifies with the financial challenges faced by the everyday employee and financial decisions hard times needed to make ends meet.
“For us at LastMile Financials, we are thrilled; we are celebrating the Nigerian workforce by providing PayMasta as the next big solution in employee compensation and benefits plan,” said Domino.
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