BY BANKERS REPORTER
ZoFi Cash Limited officially launched its Zofi Cash App, a digital financial platform that makes it easy for employees to access a salary advance.
ZoFi Cash Ltd is a Financial Technology Company also known as Fintech registered in March 2020 by Uganda Microfinance Regulatory Authority as a new player in the financial space.
Speaking during the launch in Kampala, Paul Kirungi, ZoFi Cash founder and CEO said often people are faced with financial emergencies that cannot wait for pay day.
He noted that whereas there is access to financial solutions, many come with high-interest rates, cumbersome collateral demands, and a lot of bureaucracy that results in a long turn-around time.
“If someone doesn’t qualify for a loan facility in the bank, at least they should be able to have early access to wages they have earned. Our hope is that our clients are empowered to focus all their time and energy on what matters most to them other than having to worry about how to get through a rough day,” he said.
Zofi Cash App says it advances money to salaried employees before payday, thus enabling them to take care of financial emergencies when they need to. Upon the approval of the employer, an employee can request for an advance of up to 50% of their salary.
“We are offering early access to earned wages by providing salary advances and many other custom products in the making, such as unmatched payroll, employment benefits, and many others.
“On this benchmark, we want to position ourselves as a company that is redefining the financial landscape by creating relevant, cutting edge and customized solutions that foster healthier financial lifestyles for our clients, one individual at a time,” he added.
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How it works:
- Employers can invite their employees on the ZOFI CASH APP and vice-versa using an invite from the ZOFI CASH APP to sign up. The sign up process requires personal information and at the end an MOU is signed.
- After signing up and verification, the employee can then start requesting for salary advances whenever in need. The employer reserves the right to approve or decline an advance request.
- Upon approval, the advance can then be withdrawn from the ZOFI CASH APP to the employee’s mobile money wallet. At the end of the month, the employer deducts the amount borrowed plus a service fee from the employee’s salary and remits it to Zofi Cash.