Following Passion Incubator’s partnership with the Swedish Embassy to launch Collaborate, a platform that allows corporates present their biggest challenges for tech-enabled ventures to solve, Nigeria fintech ventures are called to apply to develop a payroll management solution for SMEs to be implemented by FCMB.

Most SMEs aren’t structured and have poor record keeping practices including payroll management. Despite this obvious fact, the First City Monument Bank (FCMB), one of Nigeria’s leading financial institutions in Nigeria has observed that SMEs are now showing readiness to comply with operational standards especially for the purposes of strengthening their banking relationships and accessing bank financing & other government-led capital assistance programs.

Their staff are also better educated and want to see things like employment letters, pay-slips, pension deductions etc. However, the current process of salaries payment is neither convenient nor does it help SMEs keep a history of payments. It isn’t also capable of managing the complications of statutory deductions, payment processing and pay-slip printing and archival. To help solve these issues, FCMB is seeking an innovative payroll management solution for SMEs and MSMEs.

Product Expectation

The product should meet the following criteria:

  • The solution should be sector agnostic
  • It should be able to compute salaries and make necessary statutory deductions
  • It should be able to index and archive payments record in a searchable manner and for future retrieval and referencing
  • The solution should have the ability to connect and communicate with connected bank accounts
  • Ability to retrieve and queue customer complaints about admin resolution
  • Ability to generate pay-slips and make them available for download in relevant file formats, or for online sharing.
  • The Payroll solution should allow M/SMEs with old records usually in a variety of forms be able to migrate their old/past data to this platform.
  • Onboarding for M/SMEs should be seamless and with minimal human intervention.

Challenge Criteria

  1. Registered business

  2. Must be resident in Nigeria
  3. Must have a structured team

  4. Must have developed a similar project

How to Apply

If you have successfully passed the test above apply now by visiting the website to get a payroll solution and structuring SMEs and MSMEs. Deadline for all application is Friday, November 16, 2018.   

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