Fintech is a hot sector in Africa. It captures most of the investments, encouraging tech entrepreneurs to establish different alternatives to promote financial inclusion on the continent.
Fintra is a fintech solution developed by the Senegalese start-up Orya Technologies. It allows employees to receive a salary advance to end the month in a calmer way. Fintech provides up to 20% salary at an interest rate of 6% in case of refund within fifteen days. Based in Dakar, it was founded in 2022 by Oumar Diallo.
Fintra comes from the words “fine” and “quiet” to mean quiet end of the month. This solution was developed due to the financial difficulties experienced by workers from a certain time of the month. If they fail to take bank loans up to 12% without forgetting the important paperwork or resorting to loan sharks, they can turn to this solution.
“Fintra makes it possible to automatically manage salary advance requests and provide employees with a financial management system, while maintaining control and without affecting the company’s cash flow. The handling of advance payment requests is automatic”, Oumar Diallo said.
It is via a mobile application that the process will take place. The project is currently in the pilot phase, launched on September 15, 2022. It will last two months. According to Oumar Diallo, “The process is simple. After the registration of the company, and the creation of the accounts for the employees, the payment process then starts. From the 15th of the month, the employees can make their request in advance on an application and receive the money in less than an hour in a employee’s mobile wallet (OM, Wave, Free money)”.
According to fintech data, Senegal has around 350,000 formal employees, representing almost 350 billion FCFA (520 million USD). Fintech also has its sights set on West Africa and its 4 million formal workers. To achieve its goals, Orya Technologies relies on its main investor, the Senegalese General Engineering and Investment Company.
Adoni Conrad Quenum
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