Fintech numina targets employee payroll stress for the New Year

Contxto – The New Year can be a time of great hope. But it can also be a time of deep regret after heavy spending during the holidays. So for companies looking to help employees help themselves to an early payroll, Mexican fintech numina offers a solution.

Through its platform, an employee can charge an early salary based on the number of days they’ve already worked. This saves them from the pain of scraping through until payday.

As for New Year’s resolutions, this fintech has quite a few in mind.

Contxto was told in recent email correspondence that numina wants to increase its user base from its current 2,200 to 1.5 million throughout Mexico in 2020. It also plans to add a few new features such as insurance, credit lines, as well as savings and investment options.

So much spending, so much debt

It’s common for businesses to offer their valued team members small loans to cover expenses. Albeit keeping track of these loans can prove to be a real headache for teams in accounting and human resources (HR).

Consequently, numina offers companies a platform through which employees have access to payroll in accordance with the number of days they’ve already worked.

A company isn’t charged for using numina’s platform. Instead, the employee pays a flat fee worth MEX$35 (less than US$2) per transaction. According to the fintech’s platform, employees will have their money in less than 24 hours after requesting their salary cut.

It’s a perk that’s extremely useful at the start of the year since there are debts to pay and usually many things rise in price during January.

Employee stress and finances

Money troubles follow a person to their workplace and Mexicans are not the exception. According to a study by employee benefits firm Lockton, 2 out of 5 Mexicans are under financial stress.

And I’d bet my money this affects their overall performance.

Accordingly, companies must be more creative with the perks they offer. One may be hosting their employee’s salary on numina. However, a more comprehensive approach is for them to invest in the financial education of their teams.

At Contxto we constantly remind you, dear reader, of the financial exclusion many people in Latin America face. And all businesses (not just fintechs) have a big role to play in that dilemma by encouraging employees to be more financially savvy through their own internal programs.

It benefits the company’s productivity rates and an employee’s peace of mind.

-ML