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WhiteSight defines four categories in the payroll fintech space: 1) Salary On-demand. Fintechs in this category partner with corporations, HR software providers, and payroll systems to enable flexible access to earned wages. 2) Salary Advance. Fintechs in this category provide short-term credit to employees based on their salary and avoid the exorbitant rates charged by payday lenders. 3) Early Direct Deposit. This feature, largely provided by challenger banks, enables account holders to receive paychecks up to two days in advance from standard payday. 4) Crypto Payroll. This is the newest category which enables firms to make wage payments through multiple crypto-currencies.

1) Salary On-demand. Fintechs in this category partner with corporations, HR software providers, and payroll systems to enable flexible access to earned wages. 2) Salary Advance. Fintechs in this category provide short-term credit to employees based on their salary and avoid the exorbitant rates charged by payday lenders. 3) Early Direct Deposit. This feature, largely provided by challenger banks, enables account holders to receive paychecks up to two days in advance from standard payday. 4) Crypto Payroll. This is the newest category which enables firms to make wage payments through multiple crypto-currencies.

SimbaPay is a UK-based digital money transfer service serving Kenya, Uganda, Nigeria, and Ghana that delivers money via existing mobile money wallet services and using its SimbaPay app. Simbapay and Kenya’s Family Bank recently launched an instant payment service from East Africa to China. Users can send funds to China through Family Bank’s PesaPap app or Safaricom’s M-Pesa.

Founded in 2009, Paga offers digital bank services (peer-to-peer money transfer, bill payments, online payments, and payroll), achieving a wide reach in Nigeria.

Financial intermediation and financial inclusion in sub-Saharan Africa remain low, despite progress in recent years. Helped by reforms, the depth and coverage of financial systems in sub-Saharan Africa—as measured by the standard indicators of financial development, such as the ratios of private sector credit to GDP and broad money to GDP—have significantly improved over the period 1995 to 2013 (Kasekende 2010). However, on average, countries in sub-Saharan Africa continue to have a shallower financial system than those in other developing regions of the world (Figure 1). In terms of financial inclusion, only 20 percent of the population has a bank account compared to 92 percent in advanced economies and 38 percent in nonadvanced economies (Table 1). Underinvestment, poor infrastructure, and comparatively low levels of financial literacy have contributed to the region being underbanked.