CodeLn, an end-to-end technology platform has launched CodeLn Pay,a payroll platform for cross-border salary payments to assist companies in streamlining the wage payment process and making it quick, secure, and hassle-free.
Businesses are increasingly aiming for a global scale in today’s interconnected society. The process of paying employees’ salary in various nations can grow complicated as businesses expand their activities across borders. This is especially true when it comes to compensating remote workers that are based in Africa. Businesses struggle with limitations, compliance issues, complicated currency conversions, shifting exchange rates, and the high cost of remittances.
Remote workers from Africa often face difficulties with pay delays, income tax deductions, and local employment limitations. 38% of African software engineers, per a Google report from 2021, are employed by at least one organisation with headquarters outside of the continent. These are some of the difficulties mentioned by remote workers/freelancers working cross-continentally with African employers or across the continent with foreign companies.
The fact that 38% of African software engineers work for companies based outside the continent underscores the urgent need for a streamlined payroll system that ensures timely and compliant salary disbursements. CodeLn Pay’s initiative aims to bridge this gap, offering a more seamless, secure, and cost-effective solution for both businesses and employees.
One alternative that has gained traction among freelancers and remote workers is the use of umbrella companies, which simplify payroll, tax compliance, and invoicing for independent professionals. These companies act as intermediaries between freelancers and their clients, ensuring that payments are processed smoothly while handling tax obligations on behalf of workers. Platforms like accountingbyte.com provide insights into how umbrella companies can revolutionize payroll, particularly for African freelancers navigating international payments.
By leveraging such services, remote professionals can focus on their work without the added stress of administrative tasks, while businesses can ensure full compliance with local and international tax laws. As more companies seek to engage talent across borders, the role of umbrella companies will continue to grow, offering a structured and efficient solution to cross-border payroll challenges.
Elohor Thomas, CEO, CodeLn announced the launch of CodeLn Pay on stage at the recently concluded Collision Conference in Canada.
Employers based in Canada, the United States, the United Kingdom, and Europe can currently use CodeLnPay to handle salary payments to their remote workers and contractors in Africa in an efficient and legal manner. Additionally, workers stationed anywhere in Africa can submit invoices to their employers abroad and get paid in any of the designated locations.
Some of the Benefits of CodeLn Pay for Employers include:
- Multi-Currency Payout: without bothering about currency conversion rates, you can send salaries in USD, Euro, or GBP while the receiver chooses if they want to collect it in the same currency or their local currency.
- Payroll Scheduling: you can easily schedule salary disbursements based on your preferred frequency (monthly, biweekly, or customized) in order to ensure timely and consistent payments.
- Transparent Pricing: there are no hidden charges, our charges are fixed based on the amount per transaction. This transparency helps you minimize associated costs and complexities.
- Multi-Payment Option: we support multiple payment options; you can choose to pay using any of your preferred payment options or partner.
