Bancore has developed an entirely web-enabled self-service payroll service with the brand name “PayKorrect”.
A company can open a payroll account for free and create profiles of all its employees showing salary, tax etc. Just prior to processing salaries, the company will preload its Bancore account with the total amount to be paid and pay a minor fee before actual salary slips and tax calculations are generated.
Nigeria will be the first market to launch this payroll service, followed by the rest of Africa as part of the Payment Gateway expansion. Additional services such as “payroll loans”, “credit/advances,” and “health insurance” will shortly thereafter be offered by selected partners.
Payroll recipients will receive a prepaid card (virtual and plastic) from Bancore as part of the payroll process, thereby ensuring that the 60% un-banked population in emerging markets will also be able to receive their salaries electronically, and the more than 93% of the population who today do not have a payment card will suddenly be truly banked because the payroll service includes a prepaid card.