Nigerian fintech launched to help gig economy workers

A recently launched fintech based in Nigeria and Kenya aims to provide financial services specifically to temporary and freelance workers (gig workers).

The startup, ImaliPay, was launched earlier this year and has an app that is available on the Google Play Store and iOS

Through the ImaliPay app, four key benefits are available to their clients either through API integration or a standalone channel with the gig platform or marketplaces in Africa. The platform was co-founded by Oluwasanmi Akinmusire and Tatenda Furusa and has plans to launch in South Africa later this year.

Empowering gig workers

With a wealth of experience in the fintech sector, Furusa and Akinmusire have learnt that there is a dire need for a financial safety net catering specifically to ‘gig workers’.

Furusa explained as individuals that came from traditional and middle-class families that consisted of working professionals from Nigeria and Zimbabwe, he and Akinmusire felt that they had a responsibility to empower and uplift underprivileged individuals in Africa.

“We thought it was appropriate to solve their challenges with our financial wellness platform. By solving their challenges, we are providing Decent Work and Economic growth as per SDG Development Goal Number 8 and most importantly reducing poverty for our fellow Africans,” said Furusa.

Challenges for Gig Economy and Gig Workers

The Gig Economy provides short term and freelance employment instead of permanent employment. Businesses in the Gig Economy provide employment that is task-based and is on-demand through an online and digital platform.

Furusa explained that one of the biggest challenges that gig workers face is the unpredictable income and sales cycles due to the nature of temporary employment opportunities. As a result, unforeseen emergencies and disasters such as the Covid-19 pandemic can lead to a loss of income.

Another challenge that gig workers face is the lack of salary slips which can prevent gig workers from accessing certain financial services such as loans.

Benefits of using ImaliPay

To solve some of these challenges, the ImaliPay platform can assist gig workers to create and build an alternate credit score that is related to their performance on the channel. This would allow gig workers to access their financial products and services that cater to the unique gig economy and its workers.

The platform will also assist gig workers to save part or all of the income for emergencies such as medical emergencies or school fees. The platform will also provide convenient access to services that will allow their clients to remain productive and earn an income over time.

“We understand income patterns of gig workers and avail financial wellness services that enable them to live and work better. This is strengthened by a very personalised and customised last-mile engagement model and customer service experience that empowers gig workers to use their money and savings wisely,” said Furusa.

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Feature image: LinkedIn Sales Navigator via Unsplash