Nigerian HR tech company PaidHR is set to transform payroll management by enabling employees to receive salaries in 49 local currencies. This new feature comes at a critical time, particularly for African businesses dealing with currency volatility, such as the Nigerian naira’s 70% devaluation since May 2023.
Founded in 2020, PaidHR has grown rapidly, serving over 200 businesses globally, including 100 in Africa. The company claims to have processed ₦11.473 billion in salaries in 2023 and is on track to double this figure in 2024. The new cross-border payroll solution offers businesses a strategic way to hedge against economic instability by paying employees in their local currencies, making it particularly advantageous for companies with international teams.
PaidHR CEO Seye Bandele explained that the innovation is driven by user demand, stating, “We are building HR management with an African context, and some of our users have requested this feature. This has been the roadmap for PaidHR since 2021. The product is a blend of HRTech and Fintech.”
The new feature includes a proprietary wallet that gives employees the flexibility to convert their earnings into their preferred currency, granting them greater control over their finances. Despite venturing into financial services, PaidHR maintains its identity as an HR tech company. Co-Founder and CTO Lekan Omotosho emphasized that the company doesn’t hold customer deposits but partners with licensed financial institutions to facilitate transactions, earning revenue through transaction fees.
This innovation positions PaidHR to compete with cross-border payment and remittance platforms like Canza Finance, Cedar Money, and Waza. Product Marketing and Communications Lead Ore Badmus stressed, “We are only adding solutions our users have requested to our product.”
Looking ahead, PaidHR plans to scale into three additional markets by the second quarter of 2025, further expanding its footprint across Africa and offering more businesses access to its growing suite of HR and payroll solutions.
