First City Monument Bank, FCMB, is seeking an innovative payroll solution for Nigerian Micro, Small and Medium Enterprises.
In Nigeria, MSMEs are known for poor record-keeping practices and inconvenient salary payment process, which isn’t capable of managing the payment processing, complications of statutory deductions and pay-slip printing and archival.
This has made the assessment of funds by these MSMEs from bank financing & other government-led capital assistance programs which are critical for the growth of the businesses tough.
In recent times, most MSMEs have shown interest and readiness to comply with operational standards. For this purpose, FCMB has launched a challenge on Nigeria’s top startup-corporate collaboration platform Collaborate.ng seeking an innovative payroll management solution for MSMEs.
This challenge is open to all registered businesses and startups in Nigeria that have developed a similar projects.