PayMasta

About PayMasta

PayMasta is a financial technology product from LastMile Financials Limited, designed to address the financial stress faced by salaried workers in Nigeria and Sub-Saharan Africa. The company was co-founded by Gerald Erih, who serves as the Chief Evangelist, Michael Domino Jr. (COO), and Festus Aletile. PayMasta launched its app in Nigeria around May 2022. The core of PayMasta's offering is Earned Wage Access (EWA), a system that allows employees of partnered companies to withdraw a portion of their income before the official payday. This service is positioned as an alternative to high-cost payday loans and aims to break the cycle of debt that affects a large percentage of the Nigerian workforce. The EWA solution is provided at no cost to the employer; companies undergo a screening process, and once approved, their employees can utilize the service. The PayMasta application provides more than just on-demand pay. It includes personal finance management tools to help users plan their finances and track expenses. To access the EWA feature, a user's employer must be registered on the platform. However, individuals whose employers are not yet signed up can download the app to use its other financial wellness features and suggest their employer for onboarding. PayMasta's business model targets the vast market of employees who live from one paycheck to the next, which is estimated to be around 80% of the working-class population in Nigeria. By providing early access to earned money for emergencies and unforeseen expenses, the company aims to improve employee productivity and mental well-being by reducing financial anxiety. Following its launch in Nigeria, the company plans to expand its services to other African countries.