Businesses & Financial News

Fintech, Bento eyes regional presence with 3 new markets

By Eunice Wawuda

Digital payroll and HR Management (HRM) platform, Bento has announced plans to venture into Ghana, Kenya and Rwanda to grow its regional presence.

The payroll and HR Management market in Africa is a huge untapped opportunity with over 400 million people in the labour force.

African businesses have remained largely analogue up until now, using spreadsheets and bulk upload on bank portals, bank transfers, cheques, and even cash.

The firm announced it was bringing African payroll and HRM into the digital age and ensuring that different market participants are communicating and leveraging data to help unlock credit solutions.

Through its cloud-based platform, Bento empowers African businesses and gives them peace of mind by streamlining many of their processes with a single click.

For employees, the platform offers access to third-party services such as credit solutions – which include the ability to pay school fees and rent monthly rather than yearly – unemployment insurance, savings, investments and much more, all at no cost to employers.

Having obtained full operating licenses in each market, Bento is building local teams in Ghana, Kenya and Rwanda and will adapt its products for local cultural and financial nuances.

In Nigeria, Bento has stood at the forefront of payroll and HRM, serving over 900 active Nigerian businesses across all sectors, including some of the largest Healthcare and Financial Services companies in the country such as Hygeia and Tangerine Africa, as well as many Y Combinator-backed firms including Paystack, Kobo360, Branch, Helium Health, and LORI Systems.

The company is targeting further rapid growth across the continent, and will launch in Egypt, South Africa, Uganda, Tanzania, Angola and Senegal by the end of 2022.

”Seeing so many companies using analogue methods to manage their workforce is simultaneously frustrating and exciting for us. Employers don’t have access to locally customised, world-class payroll and HRM tools, and employees can’t easily access third-party services to help make life easier,” said Ebun Okubanjo, Co-Founder and CEO at Bento.

Around 95% of African consumers have never had access to formal credit and rely on informal lenders and savings schemes. To further illustrate this point, in Africa on average 4.5% of people have access to a


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