First City Monument Bank (FCMB) is seeking an innovative payroll management solution for SMEs and MSMEs.
The Challenge aims to solve problems relating to the process of salaries payment, archiving history of payments, managing the complications of statutory deductions, payment processing, and pay-slip printing.
FCMB is partnering Passion Incubator, which in collaboration with the Swedish Embassy launched Collaborate, a platform that connects corporates with challenges, and startups already building solutions along those lines to help solve them.
Product Expectation
The product should meet the following criteria
- The solution should be sector agnostic
- It should be able to compute salaries and make necessary statutory deductions
- It should be able to index and archive payments record in a searchable manner and for future retrieval and referencing
- The solution should have the ability to connect and communicate with connected bank accounts
- Ability to retrieve and queue customer complaints about admin resolution
- Ability to generate pay-slips and make them available for download in relevant file formats, or for online sharing.
- The Payroll solution should allow M/SMEs with old records usually in a variety of forms be able to migrate their old/past data to this platform.
- Onboarding for M/SMEs should be seamless and with minimal human intervention.
Challenge Criteria
- Registered business
- Must be resident in Nigeria
- Must have a structured team
- Must have developed a similar project
Deadline for application is November 16.
Click here to apply.
