Mukuru reduces absenteeism & cuts loan requests using Jem
96%
Reducing in loan processing time
100%
Reduction in loan requests
Client
Mukuru
Industry
Financial Services
Employees
+540
Products
Earned Wage Access
Payroll System
PaySpace
Company Overview
Mukuru is a financial services company that helps millions of people across Africa send and receive money. Their HR department wanted to find a way to provide their + 540 staff with safe and affordable salary advances instead of administering company loans, or letting them turn to predatory lenders.
Challenges
- Processing employee loans was an “admin nightmare.” Payroll would have to administer the entire process from approving applications and arranging payment through their treasury team, to adding the loans to payroll and coordinating the loan repayments with each employee, which took ±7 hours/month.
Results
96%
Reduction in loan processing time
100%
Reduction in loan requests
- Since implementing Earned Wage Access, Mukuru has received 0 loan requests.
- Mukuru’s HR time spent on the employee loan process decreased by 96% per month (from 7 hours to 15 minutes).
- 30% of Mukuru employees use their salary advance for transport to get to and from work. As a result, Mukuru has noticed a decrease in employee absenteeism
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