Wagefit Characteristics Worth Knowing About

In order to encourage employee financial health Wagefit recommends that employees wait for their Available Balance to build up before requesting a transfer/cash out.

This way employees get the most out of each Naira (₦) accessed. Worth mentioning here that the Available Balance shows the portion of earned unpaid wages that have accumulated from the start of a pay period.

For this reason, Wagefit has a minimum threshold amount that an employee can access - typically ₦500 to ₦1000 or more are necessary to have accumulated in the Available Balance to request a transfer/cash out. Likewise there is a maximum threshold amount that an employee can access in one transaction - typically this varies and would be indicated during the transfer process; the core take away here is that it's necessary to have accumulated some earned unpaid wages in the Available Balance to request a transfer/cash out.

Some Wagefit characteristics worth explaining.

Employees are limited to some additional measures to further encourage employee financial health and to mitigate risk for both Wagefit, our customers and partner companies.

◙ Only unpaid net wages already earned during the pay period (e.g. month, week, fortnight) can be accessed for transfer/cash out. Wages yet to be earned are not accessible.

◙ Employers can set a % threshold of earned unpaid net wages that can be accessed for transfer/cash out. We recommend 50% however your employer may set the % threshold lower (as they familiarise themselves with the platform adoption of their employees) or a little higher as they see fit. Either way it is advisable that 100% of wages are not made available for transfer as we want to make sure that you still have wages remaining on your pay day!

◙ The number of transfers/cash outs that are allowed in a pay period can be restricted to a set number beyond which transfers/cash outs cannot be made. This encourages good financial habits including reducing risk of misuse by encouraging the use of Wagefit only when needed.

◙ Employees can transfer/cash out their earnings in real-time thus dealing with immediate emergencies and eliminating or reducing the need for expensive alternative options.

◙ Employees can schedule their transfer/cash out thus achieving further fee savings by being able to deliberately delay the timing of their pay, where possible.

◙ Employers can, if necessary, determine who can or can't transfer/cash out, for example in the case of employees that have been off-boarded or during the roll-out of Wagefit to different departments or locations.

Other helpful tips.

⦿ Our flat fee structure, based on the amount being transferred per transaction, is a simple way to track how much you're spending on fees e.g. for a transfer/cash out of ₦3000 to ₦5000 the fee payable is around *₦200. If you schedule that then the fee is further lessened.

⦿ Avoid transfer/cash out for large lump sums of money the day immediately after payday.

⦿ Don’t use your earned unpaid early wages (on-demand pay) for things you cannot afford with your normal paycheck.

⦿ Employers may choose to subsidise the ATM-like transaction fee, associated with a transfer/cash out, for their employees.

⦿ Practice safe budgeting and visit our blogs for more information including reading our education blogs to help foster good financial habits.

We are available for further guidance if required.

If you'd like to know more Wagefit tips & best practices, reach out to our Customer Success Team by Email and ask for their advisory opinion on any related topic - we're always happy to help.

We hope you find the above insight useful and that this helps in guiding your interaction with Wagefit. Our goal remains being able to give employees the option to deal with life unexpected challenges on their own terms with the wages they have already earned because, amongst the many reasons, it also makes sense.

Contact us for a demo to learn how Wagefit can help your employees improve their financial health.

*Our one-off fee are always displayed during the transfer/cash out process. If our fees were to change this will always be communicated to our users before they make a transfer/cash out.