Your questions about MyWagePay, answered

• Why provide the early wage access to your employees?

Employees need the financial flexibility provided by the ability to access their money mid-month for unplanned expenses such as fixing a burst tyre or getting a gas refill.

• What is the cost to employees for accessing their earned wages?

There is a one-off transaction fee of 10% charged when repaying the advance rather than when taking it. The employee pays this fee unless the employer chooses to subsidise it.

• Is the earned wage access service a loan?

No. The employees are only given access to a portion of their earned wages that is payable at the end of the month or when the payroll closes. The service is only meant to help employees address short-term emergency financial obligations.

• What is the process of onboarding?

1. MyWagePay signs an agreement with the employer to provide the service to the employees.
2. The employer provides the details of the employees to be onboarded.
3. The employees are automatically integrated into our system so they can access the service.

• How long does it take to process advances?

The process is automated through a USSD platform.

• How does the earned wage service impact the payroll systems.

Ideally, our service has no impact on the payroll as employees are encouraged to pay the advances they receive directly to MyWagePay.

• Is there are limit to the amount the employees can access?

Yes. The employees can access only up to 30% of their salaries but the employer can set this to a lower percentage/figure if they wish.

We are always at hand to answer any questions you may have. Visit www.mywagepay.com or email [email protected]