The Zofi Cash digital financial platform aims to change how and when salaried workers are paid. According to the platform, waiting 30 days for payments is too long.
A digital financial platform called Zofi Cash aims to transform how and when salaried workers are paid. According to them, waiting 30 days to get paid is just too long.
They want hard-working Africans on the African continent to get a paycheck every day. Loan amounts given are equal to your monthly salary for people that are working.
Below we dig into more about Zofi Cash and the things that make it one of the best financial digital platforms in Uganda.
Who is eligible to apply for Zofi Cash?
Salary workers can apply for loans through Zofi Cash to deal with urgent financial needs that cannot wait until their next paycheck. After an employer collaborates with Zofi Cash, this is carried out.
An individual should at least have early access to their earnings if they are not eligible for a lending facility through the bank.
Requirements & How the Zofi Cash App works
- In the partnership, the employer must provide the employee’s salary information and guarantee that they will pay the employee’s balance to Zofi Cash at the end of the month.
- The worker then installs the Zofi Cash App on their phone and uses it to submit an application for immediately available credit.
- The advance can be transferred from the Zofi Cash App to the employee’s mobile wallet once it has been approved. Based on the days you request the advance before payday, Zofi Cash pays out at the end of the month with a fee as low as 3%.
- The ZoFi app, available for both iOS and Android, allows for withdrawal of money.
Benefits of Zofi Cash
- Enjoy flexible requests for advances. Up to 50% of your monthly net income may be requested. Ideal for all of your cash needs in an emergency.
- Available 24X7. At anytime of the day, you can submit a request for a salary advance to have the money transferred to your mobile money account.
- 100% Digital Experience. It’s simple, quick, and secure to acquire instant cash using the Zofi Cash smartphone app. Nothing lengthy. Zero paperwork.
Conclusion
The Zofi Cash App functions by filling the void between paychecks and urgent necessities. When necessary, workers can request salary advances.
People frequently experience financial difficulties that need to be resolved right away, but historically, getting access to financial solutions involved exorbitant interest rates, red tape, and onerous collateral requirements that prolonged turnaround times.
Zofi Cash is designed to make the application process for pay advancements for employees as simple as possible.
In October 2021, ZoFi began operations for the first time in Uganda, but the company also has plans to expand to Tanzania, Rwanda, Kenya, and Ghana.
