Kenyan startup myNGOVO has launched to provide employer-sponsored salary advance benefits to employees.
Through a standalone ready-to-use mobile app, employees can request for advance payments within their limit which is instantly deposited in their mobile money accounts.
myNGOVO enables employees to access part of their salaries throughout the pay period conveniently with no interest charges and no hidden fees
“myNGOVO bridges the gap between the need for short term liquidity for consumption and income timing of wage workers unlocking the purchasing power of the workers and increasing worker engagement while reducing the financial strain on the employee.” Says Methuselah Marava, co-founder and CEO.
Founded in 2019 by Methuselah Marava, Vincent Korir and Ayiik Bu, the platform will enable employers to lift workers morale with no cost or huge dividends as cash re-enters the economy faster and communities are made financially healthier.
“Much of the workers need access to ‘sachetised’ financial products and services that resonate with their day to day living with no punitive late fees and penalties.” Adds Marava.
According to the CEO, the startup started customer outreach in July and has already signed up a property management company with four other companies on their waiting list.
“We plan to build a community through our platform that can access financial wellness tools backed by artificial intelligence and machine learning enabling workers to save, budget and more efficiently manage their money.”