What we do
There are currently 2 billion unbanked individuals in the world. Moreover, most of the other ones either have difficulties accessing financial products or pay more than they should for those. One of the main causes of this significant number of un(der)banked people in the world is that financial institutions struggle to offer affordable financial products to those that are not in the high-income level group. This happens because of the lack or asymmetry of information and high transactions and enforcement/monitoring costs. Hence, knowing the importance to develop solutions to break the affordability and access barrier, SalaryFits committed to promoting social and sustainable financial inclusion in different countries across the globe.
It is a win-win platform for all stakeholders involved (employers, employees and financial institutions) by reducing credit risk and operational costs for the Financial Institutions, allowing employers to promote financial well-being, increase productivity and engagement at the workforce while offering lower interest rates and affordable financial products for employees regardless of their income level.
How we do it
At SalaryFits we aim to increase financial institutions margins by reducing costs of acquisition, transaction and collection costs as well as lowering default rates.
We do that by connecting financial product offerings to consumers through the payroll of companies, providing real-time employees’ information, and allowing banks/financial institutions to collect payments/ installments directly from the salaries of these individuals. These cost-reductions are actually transferred directly to employees, who have access to sustainable and fairer financial products.
We already help many of the largest financial institutions in the world to offer salary-linked loans and other sustainable financial products to employees of companies.