Moniepoint
MEET THE COMPANY
Moniepoint Inc. is an all-in-one financial services platform for emerging markets. Since 2019, Moniepoint’s technology has powered over 3 million Africans, offering personal and business banking, payment, credit and business management tools to help them succeed. Moniepoint processed $182 billion in 2023 and is Nigeria’s largest in-person payments platform.
Achievements
Improved
$12k
5 to 1 day
RemotePass Solves Payroll Delays and Enhances Transparency
The challenge
Moniepoint aimed to streamline its payroll process, particularly for its global employees, and enhance operational efficiency. Two key areas were identified for improvement:
Extended Payment Processing Times: Moniepoint’s previous payroll system required a longer processing period, which created challenges given their bi-monthly onboarding cycle. The delay placed added pressure on HR and finance teams to manage multiple payment cycles efficiently.
Lack of Exchange Rate Transparency: With employees spread across 13 countries, understanding local currency conversions was crucial. However, Moniepoint’s previous system didn’t provide real-time transparency into exchange rates, occasionally leading to discrepancies in expected pay.
The solution
After assessing several global platforms, Moniepoint chose RemotePass for its ability to address these specific needs:
Faster Payment Processing: RemotePass enables same-day payments for most currencies, with only a 1-2 day turnaround for more remote locations.
Transparent Exchange Rates: RemotePass offers clear visibility into exchange rates, ensuring employees know exactly what they will receive in their local currencies.
Flexible Payment Options: Employees can choose from a variety of payment methods, including mobile wallets, USD debit cards and direct bank transfers, offering more convenience and flexibility.
Results and Impact
- Significant Time Savings
Moniepoint can now process payroll on the same day, instead of planning payments several days in advance, improving the efficiency of onboarding new hires and overall payroll operations. - Improved Employee Satisfaction
Transparent exchange rates and quicker payments have enhanced trust and satisfaction among employees, who no longer face concerns over conversion losses. - Operational Efficiency
The finance team now benefits from streamlined processes, with fewer payment cycles and reduced administrative burden, allowing them to focus on other strategic initiatives.
Moniepoint shared their love for RemotePass.
4.8 out of 5 stars from 2.8k reviews
With RemotePass, we can process payments on the same day if needed, which has been a game-changer. Our employees in 13 countries now have access to transparent exchange rates and more withdrawal options. We’ve eliminated the frustrations of hidden fees and long payment delays, and our finance team is no longer bogged down by managing multiple payment cycles.
