Lastmile launches PayMasta for Nigerian salary earners

Lastmile Financials Ltd. launch PayMasta, an app providing EWA for Nigerians

Banking on the significance of Workers Day on Monday, Lastmile Financials Limited, a Nigerian fintech officially launched PayMasta, a new product to meet the needs of Nigerian employees, seeking cuts from their salaries before payday.

At the core of PayMasta is Earned Wage Access (EWA), a system whereby employees can access their salaries before payday. EWA, though has been around for years, has only just started to reach countries like Nigeria with very little credit culture.

PayMasta will immediately be in competition with Earnipay, which raised four million dollars in February this year to provide a similar product to mostly young Nigerians.

Lastmile was founded by Gerald Erih – Cofounder/Chief Evangelist, Michael Domino Jr -Cofounder/COO and Festus Aletile – Cofounder.

Though the app is not yet available on any app store, with the website alone functioning, PayMasta has already signed up a handful of companies seeking to integrate the novel system into their structures.

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The Chief Evangelist, Gerald Erih made the case that with PayMasta, a conversation that has dominated Nigerian families on how to get money before payday will finally come to an end. With EWA, users can withdraw as much as 75 per cent of their salaries before payday. But, the company is working on taking the number to 100 per cent.

“At PayMasta, we help people achieve financial freedom.,” Erih said.

“Our target audience are people that work 9 am to 5 pm 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.”

Banking on millennials’ love for easily accessible products which has spurred their interests in fintech, Erih added that, on the PayMasta app which he said will be on app stores before the month runs out, users will need very little paperwork and the credit will be almost instant.

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He added that it will be at no cost to the employers, but “a nominal fee” will however be charged to employees who request EWA on the app.

“Financial stress is the number factor affecting employees globally,” he said.

PayMasta founders and other guests at the launch

PayMasta is different, Eric says

But, unlike companies that typically give salary loans to employees, PayMasta is different because it is not a loan company at all. What it does is provide access to what has been earned before payday.

“We are not giving you a loan, you are just accessing what you’ve earned before the payday” Erih added.

He also made it clear that the company will not be working with companies that do not care about the rights if its staff. “We are all about employees. We will not engage with organisations that don’t protect employees’ rights,” he said.

The company has entered into partnerships with labour unions to see it through. “We have a very good relationship with the labour government,” he said.

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The app will also include other features to buy data, pay light and cable bills, send money, etc.

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