How Does Payroll Financing Work and How Can I Access It?

Payroll Financing helps organisations access funds to support their payroll needs. The process begins with an assessment of your organisation's eligibility and is currently managed manually during the initial application stage.

How Does Payroll Financing Work?

Submit your application and required documents
To begin, your organisation will need to submit an application along with the required supporting documents for credit assessment.
Credit underwriting and assessment
The submitted information is sent to the Credit Risk team for underwriting. The team reviews your organisation's application and determines the amount your organisation is eligible to access.
Receive your approved amount
Once the assessment is complete and your application is approved, you will be informed of the amount your organisation is eligible to receive.
Activate the Direct Debit Mandate
Your organisation will receive a Mono link to set up and activate a Direct Debit Mandate.
Access the Payroll Financing Portal
After the Direct Debit Mandate has been successfully activated, your organisation will be set up on the Payroll Financing Portal.
Withdraw the funds
Once your organisation has been set up, you can access the approved funds through the Payroll Financing Portal and withdraw them into your Payer Wallet.

What Do I Need to Apply?

To begin your application, kindly provide the following documents and information:

An application letter on your company letterhead stating the amount you are requesting.
Twelve (12) months' bank statements from your primary bank(s).
A consent letter on your company letterhead authorising the disclosure of credit information to the bank's appointed credit bureau.
A recent letter showing your exposure to other banks, where applicable.
Your most recent 12 months' management accounts.
Audited financial statements for the past two years.
Your company's profile and CAC documents.
The BVN of the Managing Director/CEO for a credit check.
A duly executed and sealed Board Resolution explaining the reason for seeking Payroll Financing and authorising a representative to execute the relevant documents on behalf of the company.
Three (3) signed, undated cheques.
A valid means of identification for the CEO.
A recent utility bill.

How Can I Access Payroll Financing?

To access Payroll Financing, submit your application and the required documents for review. Once your organisation is approved, you will be guided through the Direct Debit Mandate setup and onboarded onto the Payroll Financing Portal.

After your setup is complete, you can access and withdraw your approved funds into your Payer Wallet.

How Does Payroll Financing Work and How Can I Access It?

This article explains how payroll financing works, including how employers can access financing based on their payroll requirements, the eligibility criteria, and the steps involved in applying for and accessing payroll financing through Breeze.