A just lately launched fintech primarily based in Nigeria and Kenya goals to supply monetary companies particularly to short-term and freelance employees (gig employees).
The startup, ImaliPay, was launched earlier this yr and has an app that’s out there on the Google Play Retailer and iOS
By way of the ImaliPay app, 4 key advantages can be found to their purchasers both via API integration or a standalone channel with the gig platform or marketplaces in Africa. The platform was co-founded by Oluwasanmi Akinmusire and Tatenda Furusa and has plans to launch in South Africa later this yr.
Empowering gig employees
With a wealth of expertise within the fintech sector, Furusa and Akinmusire have learnt that there’s a dire want for a monetary security web catering particularly to ‘gig workers’.
Furusa defined as people that got here from conventional and middle-class households that consisted of working professionals from Nigeria and Zimbabwe, he and Akinmusire felt that they’d a accountability to empower and uplift underprivileged people in Africa.
“We thought it was appropriate to solve their challenges with our financial wellness platform. By solving their challenges, we are providing Decent Work and Economic growth as per SDG Development Goal Number 8 and most importantly reducing poverty for our fellow Africans,” mentioned Furusa.
Challenges for Gig Economic system and Gig Employees
The Gig Economic system offers brief time period and freelance employment as a substitute of everlasting employment. Companies within the Gig Economic system present employment that’s task-based and is on-demand via a web based and digital platform.
Furusa defined that one of many greatest challenges that gig employees face is the unpredictable earnings and gross sales cycles as a result of nature of short-term employment alternatives. Consequently, unexpected emergencies and disasters such because the Covid-19 pandemic can result in a lack of earnings.
One other problem that gig employees face is the shortage of wage slips which might stop gig employees from accessing sure monetary companies comparable to loans.
Advantages of utilizing ImaliPay
To unravel a few of these challenges, the ImaliPay platform can help gig employees to create and construct an alternate credit score rating that’s associated to their efficiency on the channel. This could permit gig employees to entry their monetary services and products that cater to the distinctive gig economic system and its employees.
The platform may also help gig employees to avoid wasting half or all the earnings for emergencies comparable to medical emergencies or college charges. The platform may also present handy entry to companies that may permit their purchasers to stay productive and earn an earnings over time.
“We understand income patterns of gig workers and avail financial wellness services that enable them to live and work better. This is strengthened by a very personalised and customised last-mile engagement model and customer service experience that empowers gig workers to use their money and savings wisely,” mentioned Furusa.
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Characteristic picture: LinkedIn Gross sales Navigator by way of Unsplash