Afrikan Heroes

Earnipay, a Nigerian Fintech that gives employees regular and flexible access to their salaries, has raised $4 million in seed funding to expand its operations in the country, which is its only market. The company, which provides a variety of tools to assist its customers make better financial decisions, intends to use the funds to expand its operations in Nigeria, focusing on large-company personnel.

“Earnipay has quickly established itself with a product designed specifically for payroll behaviors in Nigeria, and early adoption by employers is very strong. Nonso Onwuzulike [CEO of Earnipay] has built one of the strongest teams we have come across across the continent, and we are thrilled at the opportunity to partner with them,” said Brendan Dickinson, General Partner de Canaan, the venture capital firm that led this operation for the benefit of Earnipay.

Faced with employee departures as a result of the monthly payroll system set up within its first plastic waste recycling company, launched in Ghana in 2019, Nonso Onwuzulike decided to review this method of payment by offering a more regular and flexible payroll system for employees as part of a new corporate project in Nigeria.

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The Fintech, which began as an experiment in September, claims to have served employees from roughly twenty Nigerian organizations thus far. Over 1,000 people have downloaded his app. Earnipay, which is optimistic about its chances, hopes to reach at least 200,000 employees by the end of the year with its flexible and on-demand wage access service.

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According to various local media outlets, formal sector employees in Nigeria are paid monthly, whereas informal sector employees are paid daily. Employees who are short on cash between paychecks have little choice but to borrow or request a salary advance, which can come with significant interest rates. As a result, the Earnipay solution is given as an alternative for these employees who do not have enough money to survive.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer