Lastmile Financials Limited, a technology company, has launched PayMasta, an Earned Wage Access and personal money management software that allows employees to see their paychecks before payday.
Mr Gerald Erih, Chief Evangelist and Co-Founder of PayMasta, said the EWA application would enable employees with rapid access to their earnings as soon as they are paid, rather than waiting 30 days for payday, and at no cost to the business, at the unveiling in Lagos.
It would increase staff productivity, engagement, and loyalty, he continued.
Erih stated, “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, the 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.
