FMFB offers a convenient service to manage payroll disbursement on behalf of its institutional clients. The process is simple and offers huge advantages to both the institutions and their employees.
How it Works
- Institution signs up for Payroll Service through FMFB-T (see How to Sign Up for Payroll Services)
- FMFB-T sets up individual bank cards for all employees (if they don’t already have one)
- On payday, the Institution makes a single payment to FMFB equivalent to the whole salary amount and provides details on the salary amount to be paid to each employee
- FMFB credits the appropriate salary amount to the bank card of each employee (see How is Salary Transferred to the Employee’s Account)
- FMFB sends a report on disbursements made back to the Institution
Advantages to Institution’s Employees
- A simple process that saves time and money over the typical cash-based process of giving out salaries to staff
- Minimizes cash turnover within the organization
- Institutions only make a single payment to FMFB-T per payment cycle, and we take care of the rest
- Strict confidentiality is maintained on any payments made to employees
How to Sign Up for Payroll Service
- To sign up for Payroll Services, please contact us at firstname.lastname@example.org or 2289310, 2289311. The registration process is simple:
- The Organization and the Bank sign an agreement on the terms of issuance and usage of Salary Cards
- The Bank opens a current account (if not available already) for the Organization which will be debited for the amount of the payroll payment every cycle.
- The Organization provides the Bank with a completed application which includes data on each employee
- The Bank opens a current account (Special Card Account) and issues a plastic card to each employee
- The Organization pays the annual fee of the plastic cards as well as the cash withdrawal charges
- The Bank conducts training on plastic cards and ATM’s usage with the Organization’s employees
How is Salary Transferred to the Employee’s Account
- Institution sends the Bank a payment order with an indication of total amounts payable to the employees and a list of salaries of the employees
- The Bank transfers the amounts specified in the list to the accounts of the Institution’s employees. The funds are available the same day if the payment order and the list are received before 16:00 p.m.
- Cash withdrawal charges corresponding to the amount payable are debited by the Bank from the current account of the Institution