bento, Nigeria’s digital payroll and human resource management platform is expanding to Ghana, Kenya and Rwanda and plans to establish operations in six other markets in Africa over the next one year.
In his next phase of expansion, Bento is eyeing Egypt, South Africa, Uganda, Tanzania, Angola and Ethiopia by the end of next year.
Bento is tapping the payroll and HR management market in Africa, which has traditionally relied on laborious analog processes to deliver salaries. Founded in 2019, the startup is helping businesses automate the disbursement of salaries and other statutory remittances, including taxes and pensions.
“It is both frustrating and exciting for us to see so many companies using analog methods to manage their workforce. Employers don’t have access to locally customized, world-class payroll and HRM tools, and employees can’t easily access third-party services to help make life easier. When you think about it, your salary powers your life, so we are building operating systems that will have a profound impact on the African continent for generations to come,” said Ebun, Co-Founder and CEO of Bento Okubanjo said.
Bento said its platform is leveraging data to expand credit solutions to third parties (employees) and other services such as unemployment insurance, savings and investments.
The startup’s proprietary credit engine, created in partnership with Israel’s Tarya, ensures the delivery of instant loans.
In Nigeria, Bento currently serves over 900 businesses, including healthcare and financial services companies such as Hygia and Tangerine Africa, and Y Combinator-backed startups Paystack, Kobo360, Branch and LORI Systems.
Another co-founder and COO of Bento said, “We are starting out with Payroll and HRM, but are rapidly moving towards Pay 2.0, where we redefine the intersection of work and life and create more opportunities for people. change the way we earn, spend and borrow.” Chidozhi David Okonkwo.
“Having successfully established a product-market fit in Nigeria, one of the most difficult markets to enter Africa, we are excited to roll out across the continent and solve the real problems we know are causing millions of problems.” employers and employees face on a daily basis,” Okonkwo said.
Bento’s expansion into Nigeria comes nearly a month after Workpay, a Nairobi-based payroll and HR management startup, looking to tap small to medium-sized businesses in the West African region. Workpay, a Y Combinator startup, is among 50 enterprises in Africa that have received equity-free funding and backing from Google. Workpay said its platform makes it possible for companies to pay in 15 currencies across Africa and rent in Africa legally without the need to set up a local entity. Its platform currently supports 400 businesses.