FAQs
Here are some frequently asked questions to help you navigate our website.
General
Wagefit is a revolutionary social benefit that allows an employee to access their earned but unpaid wages when they need it. Say goodbye to account overdrafts, pay day loans and micro credits.
With Wagefit an employee can withdraw the wages they have earned but not been paid, within a pay period, directly into their bank account. This benefit is offered to companies at no cost hence employers can attract talent, retain talent and improve the productivity of their employees.
Essentially Wagefit is an Earned Wage Access (EWA) provider.
Explore how it works for employees and businesses
Getting started is as simple as accessing the web app or downloading our app from the Google Play Store or App Store and following the instructions to register. If your company has partnered with Wagefit, you'll be able to easily sign-up and use Wagefit's EWA service.
Employee
EWA allows employees to access some of their already earned but unpaid wages before payday to avoid unnecessary debt caused by shortfalls at the end of the month or when unexpected bills arise.
For illustration: Imagine you are paid monthly and today is the 4th day of the month. For those days you have already worked you have literally earned the wages for them however you have not been paid for them. Typically you won't receive your wages until payday at the month end. EWA allows you to access a portion of the wages you have earned but not yet been paid so here a portion of your wages earned up to the 4th day will be available for you to withdraw.
It is not a loan.
It is not meant to put users in a cycle of loans but to offer a safe alternative so they can avoid them.
It is not difficult to set up.
It is a way for businesses to solve key personnel issues.
It is not an advance on future earnings.
No interests are charged.
It is not daily payroll or replacing payroll.
Once an employer is signed up for Wagefit the requirements for eligibility are based on whether the employee is active and how man hours were worked during a given pay period.
Active means employee is still employed by the employer.
It is not possible to sign up for Wagefit directly since we only partner with employers and make our service offerings available to employees through their employer.
The exact moment in which you can withdraw your earned wages will depend on the rules established by your employer during set up. You'll usually be able to access your earned wages as soon as your work is complete (and approved if it requires additional approval).
When the cut-off date arrives (e.g. 72 hours before your company is going to process your payroll), you will not be able to withdraw any accrued unpaid earned wages. In any case, we will send you notifications to notify you when said date is approaching so you can take it into account.
*Cut-off date: a date during payroll in which any deductions applicable to the payroll must be received at your employer for it to be processed; after that date any deductions received and applicable will have to be processed in the following payroll processing run
You'll be able to access a portion of your earned unpaid income through Wagefit. Your employer will agree on the percentage limit of your net salary that you can withdraw with us.
We typically recommend 50%.
Your wages are deposited into the bank account in which you receive your wages i.e. your salary account.
At the moment no you cannot change the bank account in which your wages can be deposited into. Your wages can only be withdrawn and transferred into your salary bank account i.e. the bank account in which you receive your wages from your employer.
We use specialised platforms (payment service providers such as Paystack) so that the money reaches you in the fastest and safest way. We currently have two ways to get your earned wages to you:
Now - here you will generally receive your earned wages instantaneously or in a few minutes, although in limited cases it may take a little longer.
Next Day - here you will generally receive your earned wages the next day.
Yes! The maximum number of times you can access your wages per month is decided by your employer. If your employer does not impose a maximum access frequency limit per month, you can access as many times as you want. The only thing you will have to take into account will be the value of the days worked (i.e. the fraction of your wages already accrued of your payroll).
We will always let you know if you have any access frequency limits so you are aware and take that into consideration when accessing your accrued unpaid earned wages.
Wagefit is a social benefit that helps both employees and employers. We partner with your employer to track your accrued unpaid salary, giving you instant access to your wages whenever you need it during the pay period.
This is made possible through our wage access system through which employees may be paid their earned wages on a real-time basis into their bank account. The core of the solution is a Wage Calculation Engine, which tracks and values the time employees have worked between payroll periods. This information is used to automate early disbursement of accrued wages and their subsequent deduction from the next payroll.
The interface for employees to access their wages is through a mobile app. For partner companies (employers) a partner portal provides the appropriate visibility and control to maximise engagement with your employees.
Wagefit doesn't impact your income or income level. We give you access to a portion of your earned net income before the day you get paid.
No, Wagefit does not charge interest.
No Wagefit is not a loan of any kind. Wagefit puts you in control of your payroll and gives you access to the wages you've earned.
Wagefit does exactly what it says: it's not a loan nor does it charge interests. Whenever you use Wagefit there is a small one-off fee, similar to a ATM or POS fee, that is applied.
This fee is deducted from the earned wage amount you withdraw and is our operational cost for providing the service.
We always show you the fees applicable during any earned wages access transfers you initiate. It's so much cheaper that anything else you've ever experienced on a like-for-like basis.
It's like magic but really it's the power of our Wage Calc Engine that does the grunt work including a number of other parameters that determine your accrued unpaid wages, for the pay period, that is made available to you in the app. The high level process is as follows:
1) Your employer sends us payroll data for their employees i.e. Wagefit receives the necessary data.
2) This data is fed into our Wage Calc Engine.
3) We apply some generic rules on the data.
4) Any applicable company specific rules are applied to the data such as '% threshold of your accrued but unpaid wages that are made available to you'; number of withdrawal limits in the pay period; and other 'parameters with which the wages will be calculated by'.
5) The Wage Calc Engine continuously processes this data, producing a value that is 100% compliant and makes that available to you for withdrawal.
Wagefit will appear as a normal deduction with its own deduction code 'Wagefit'.
This applies where your employer payroll software allows for an appropriate code to be created however if the payroll system doesn't allow this due to, for example, manual or semi-manual processes we can work with your employer to provide the appropriate identifier for you to recognise.
We use the latest encryption and security standards to maintain complete confidentiality. We have established scrupulous security measures to protect your personal data and make sure that it is not used in an unauthorised way.
The measures we take include: firewalls, data encryption and intrusion detection systems. We have also put in place procedures to deal with any actual or suspected breach of personal data. In addition the 3rd party providers we partner with to offer our product to you take security seriously.
If you suspect misuse, loss of your data or unauthorised access to it, you must let us know immediately by contacting us through the various channels on the website.
Please go to Sign Up on our website and leave us your information there. Your employer will be contacted as soon as possible.
First check your employer has partnered with Wagefit. Next check you've entered your details correctly - make sure your name, email and mobile matches the name that's kept in your payroll system. Haven't found your answer? Contact us.
Employer
No. The employer pays its employees' payroll as usual entering the total amount of earned unpaid wages less what employee has withdrawn during the pay period, so there is no risk that we will cause any delay in the delivery of the payroll. Wagefit has been built to fit seamlessly with existing payroll processes.
None at all for the employer. During the month, all the wages is provided by us (the employer does not provide a single amount hence there is no impact to the companies cash flow or working capital). When the employer pays the payroll of all the employees, they return the amount of wages we have provided access to back to us.
In turn, employers can set rules and preferences based on their employment processes and conditions, such as leavers, joiners, etc. Thus ensuring that neither the company nor Wagefit are exposed unduly. Finally, by limiting the amount of accrued earned but unpaid wages to a maximum % of the net salary (the percentage is decided by the company, Wagefit recommends 50%), the situation in which the worker receives more than their net salary is avoided.
There is no change in the process. Essentially Wagefit utilises net pay hence all those typically expected payroll deductions that must be adhered to for compliance occurs as normal.
Not much at all i.e. the employer will not have to assume any administrative procedure that involves communication with the employee and management of payroll earned wage access.
There will be some very light work to ensure that deductions are applied correctly where applicable during the payroll run but this will still be very light indeed.
Also there might be instances where further checks are done during employee onboarding; again these will be minimal.
Whenever your employees use Wagefit there is a small one-off fee, similar to a ATM or POS fee, that is applied. This fee is deducted from the earned wage amount your employees withdraw and is our operational cost for providing the service.
Wagefit does exactly what it says: it's not a loan nor does it charge interests.
The employer must notify us if an employee leaves or is dismissed so that they cannot have access to their accrued but unpaid earned wages beyond the days worked in the company.
It should be noted that whether an employee leaves, is dismissed or any other similar related event that the responsibility lies with the employer to notify us immediately so as to ensure that the affected employee is blocked from the system and thus can no longer access their wages.
No. Wagefit is designed to easily integrate with existing software platforms and processes. We integrate with your payroll department and receive a few files that contain payroll related data; we also need to receive some basic data on the company including TIN, CAC registration number.
Once received we are good to go and our team will be in close contact with the relevant employer contacts (Human Resource) as we go through the checks and onboarding of the partner company details and set up.
Once we have integrated the relevant payroll and company data we then work collaboratively with you on set-up and configuring the platform to your companies needs including launch strategy, employee activation, employee onboarding, training, marketing and more.
We are with you every step of the way right through to post-implementation support.
They can withdraw a % of their net salary. The percentage is set by the employer however we recommend 50%.
Wagefit is free for employers; we partner with companies to provide this wellbeing benefit to their employees at no cost whatsoever to employers financially.