Payroll and human resources management company Bento expands to Ghana, Kenya and Rwanda – Nairametrics
Bento, a pan-African digital payroll and human resource management (HRM) platform, today announced its launch in three new markets, establishing a presence in Ghana, Kenya and Rwanda to expand the company’s reach to across the continent.
The payroll and human resource management market in Africa is a huge untapped opportunity with over 400 million people in the workforce. African businesses have remained largely analog until now, using spreadsheets and mass uploads to bank portals, wire transfers, checks and even cash.
Bento brings African payroll and HRM into the digital age and ensures that different market players communicate and leverage data to help unlock credit solutions.
What Bento does
Founded in Nigeria in 2019, Bento addresses many of the challenges African businesses face by automating the payment of wages, taxes, pensions, and other statutory remittances. Through its cloud-based platform, Bento empowers African businesses and gives them peace of mind by streamlining many of their processes with just one click.
For employees, the platform provides access to third-party services such as credit solutions – which include the ability to pay tuition and rent monthly rather than annually – unemployment insurance, savings. , investments and more, all at no cost to employers.
Having obtained full operating licenses in each market, Bento is building local teams in Ghana, Kenya and Rwanda and will adapt its products to local cultural and financial nuances.
In Nigeria, Bento is at the forefront of payroll and human resource management, serving over 900 Nigerian companies operating across all industries, including some of the largest healthcare and service companies. country financiers such as Hygeia and Tangerine Africa, as well as numerous Combinator- supported companies including Paystack, Kobo360, Branch, Helium Health and LORI Systems.
While solving the missing piece of the B2B payroll and HRM puzzle, Bento also gives employees access to credit solutions and other third-party products and services. About 95% of African consumers have never had access to formal credit and depend on informal lenders and savings programs.
To further illustrate this point, in Africa, on average, 4.5% of people have access to a credit card compared to 65% in the United States. Bento’s proprietary credit engine, built in partnership with Tarya, Israel’s largest P2P lending company, ensures the company can offer far better rates than traditional retail lenders and cash out in minutes rather than A few days.
Bento is accessible to employers through its secure cloud-based web platform and employee mobile app, available on the iOS App Store and Google Play.
The company aims for rapid growth across the continent and will launch in Egypt, South Africa, Uganda, Tanzania, Angola and Senegal by the end of 2022.
What they say
Ebun Okubanjo, co-founder and CEO of Bento said: “Seeing so many companies using analog methods to manage their workforce is both frustrating and exciting for us. Employers don’t have access to locally customized, world-class payroll and HRM tools, and employees can’t easily access third-party services to make life easier. When you think about it, your salary fuels your life, so we are building the operating system that will have a profound impact on the African continent for generations to come.
Chidozie David Okonkwo, Co-Founder and COO at Bento said: “We start with payroll and human resource management, but we are quickly moving towards salary 2.0, where we are redefining the intersection of work and life and transforming the way people earn, spend and borrow on the continent. Having successfully established the product market fit in Nigeria, one of the most difficult markets to enter in Africa, we are excited to scale up across the continent and solve the real issues that we know millions employers and employees are confronted daily.