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Payroll Wallets
A comprehensive solution by enabling payroll and HR companies to automate salary disbursements, reimbursements, and employee benefits distribution while consulting companies can leverage this API to offer value-added payroll and HR services to their clients.
CUSTOMER SEGMENT
Employers
The Employer/Employee Wallet API enables employers to load their wallets with the cumulative payroll for all employees, allowing seamless disbursements directly from the platform.
Employers can process payments, manage receivables, reconcile accounts, and handle transactions efficiently through the wallet. For employees, it offers a programmable salary wallet, allowing them to receive payments from their employer via the payroll provider with ease.
Employees can withdraw their salary to any bank account of their choice and can get a zero-interest overdraft, provided it is paid back within twenty days. Additionally, we expose APIs for service providers to debit employees directly as their salaries are dropping.
BUSINESS
Onboarding Requirements
Merchants/Businesses
Certificate of Incorporation - (CAC)
Bank Verification Number and National Identification Number -(BVN/NIN)
Business Tax Identification Number (TIN)
Memorandum and Articles of Association (MEMART)
Proof of Address (Utility Bill)
Documentation of Ownership/Shareholding Structure
List Of Directors/Senior Management Team
List Of (UBO) Ultimate Beneficial Owner(S) Holding More Than 5% Shares
Notarized/Certified Means of UBO (i.e. Means Of Identification)
Customers
Full Name
Date of Birth
Gender
Address Verification
Bank Verification Number or Nation Identification Number - (BVN/NIN)
Valid ID
KYC REQUIREMENTS
Payroll Wallet Tier Upgrades
| Wallet Type | Daily Limit | Cumulative Limit | Regulatory Requirement |
|---|---|---|---|
| Tier 1 | 50,000 | 300,000 | BVN/NIN |
| Tier 2 | 100,000 | 500,000 | BVN/NIN, Valid Government ID |
| Tier 3 | Unlimited | Unlimited | BVN/NIN Valid Government ID card Utility Bill (for address verification) |
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