Bento, Nigeria’s payroll and human resources management platform is expanding into Ghana, Kenya and Rwanda with plans to expand into six more markets in Africa over the next year.
In its next phase of expansion, Bento is targeting Egypt, South Africa, Uganda, Tanzania, Angola and Ethiopia by the end of next year.
Bento taps into the African payroll and human resource management market, which has traditionally relied on laborious analog processes to disburse wages. The startup, founded in 2019, helps companies automate the disbursement of salaries and other statutory payments, including taxes and pensions.
âSeeing so many companies using analog methods to manage their workforce is both frustrating and exciting for us. Employers don’t have access to world-class, locally customized payroll and human resources management tools, and employees can’t easily access third-party services to make their lives easier. When you think about it, your salary fuels your life, so we are building the operating system that will have a profound impact on the African continent for generations to come, âsaid Bento co-founder and CEO Ebun Okubanjo.
Bento said its platform leverages the data to extend credit solutions to third parties (employees) and other services such as unemployment insurance, savings and investments.
The startup’s proprietary credit engine, built in partnership with Israeli Tarya, disburses instant loans.
In Nigeria, Bento currently serves over 900 businesses, including healthcare and financial services companies such as Hygeia and Tangerine Africa, and startups backed by Y Combinator Paystack, Kobo360, Branch, and LORI Systems.
âWe start with payroll and human resources management, but we are quickly moving towards salary 2.0, where we are redefining the intersection of work and life and transforming the way people earn, spend and borrow on the continent. Said other Bento co-founder and COO, Chidozie David Okonkwo.
âAfter successfully establishing the fit between the product market and Nigeria, one of the most difficult markets to penetrate in Africa, we are excited to expand across the continent and solve the real issues we know that millions of employers and employees face daily, “Okonkwo said.
Bento’s expansion comes about a month after Workpay, a Nairobi-based payroll and human resources management startup, expanded into Nigeria to tap into small and medium-sized businesses in the Africa region of South Africa. ‘Where is. Workpay, a Y Combinator start-up, is among 50 companies in Africa that have received non-capital funding and support from Google. Workpay said its platform allows companies to pay in 15 currencies across Africa and hire in Africa legally without the need to create a local entity. Its platform currently supports 400 companies.