Kenyan company Kenyan fintech startup myNGOVO has introduced a personal finance software that empowers employers to deliver wage increases without interest charges as an employee bonus.
Employees can request up to 50 per cent of their wages in advance via the myNGOVO app, with payments being deposited through their mobile money account.
“Money timing doesn’t always suit wage workers’ cash flow needs, resulting in them taking on expensive debt for their spending needs,” Methuselah Marava, co-founder and chief executive (CEO) of the startup said in describing the need for such a platform. MyNGOVO releases advance pay app.
“MyNGOVO came from me to see how my sister was struggling to pay exorbitant interest rates to loan sharks because her employer had no working capital to give her a salary advance. We found that it was a issue for many staff on further study.
The bootstrapped startup, which works to raise a seed round of funding, launched consumer outreach in July and has seen a strong response already. It has already launched with an immobilities management company and has on its waiting list companies from the defense, hospitality and retail industries.