Fintech Company Creates Software ‘PayMasta’ To Access Salaries Before Payday

Fintech Company, Lastmile Financials Limited has created an Earned Wage Access (EWA) and personal money management software ‘PayMasta’ which allows employees to see their paychecks before payday.

Chief Evangelist and Co-Founder of PayMasta, Gerald Erih said that the EWA application would give employees immediate access to their earnings as soon as they are paid, rather than waiting 30 days for payday, and at no cost to the company.

It would increase staff productivity, engagement, and loyalty, he continued.

"PayMasta allows employees the ability to use a portion of their monthly wage already received in case of an emergency, to pay bills or other unexpected financial difficulties," Erih said.

"Our target customers are employees who work 9 to 5 every day and live paycheck to paycheck," says the company.

"In Nigeria, this equates to over 80% of the working-class population. We want to enable people not just to have access to the money they make when they need it, but also to organise their finances and keep track of their costs.

"The employer incurs no costs. There is nothing to lose and everything to gain because your staff is happier, more devoted, more engaged, and are not concerned about money.

"The number one factor influencing employees worldwide is financial stress."

Co-founder of Lastmile Financials Limited Michael Domino Jr said the app's introduction was strategic because it recognised the financial problems that daily employees confront and the difficult financial decisions that must be made to make ends meet.

"We're excited at LastMile Financials; we're celebrating the Nigerian workforce by introducing PayMasta as the next great thing in employee compensation and benefit plans," Domino stated.