New Tax Regime: Fintech firm unveils payroll automation, tax compliance platform

By Emma Ujah, Abuja Bureau Chief

As the Nigerian Revenue Service (NRS) prepares to commence implementation of new tax rates at the end of the month, fintech firm, Paypaxe, has announced the launch of a payroll automation platform designed to help businesses comply with the new tax regime.

Founder of Paypaxe, Ms. Belema Mary Maxwell, disclosed this at the company’s launch in Abuja, saying the platform would assist businesses to automate payroll processes and ease compliance with existing tax laws amid tighter enforcement.

According to her, the company is focused on helping Nigerian businesses navigate salary payments, statutory deductions and regulatory filings under the current regulatory framework.

“The web-based payroll system allows companies to register their businesses and employees, automate salary payments and compute statutory deductions in line with applicable rules, without manual processes,” Maxwell said.

She explained that many small and medium-sized enterprises (SMEs) struggle with payroll administration, often relying on informal methods or bank officers to pay staff, a practice that exposes them to errors and compliance risks.

“With the payroll system, businesses can register their employees, automate salary payments and ensure all deductions are properly calculated,” she said. “Once payroll is processed, the system guides businesses through the remittance process so they can meet their obligations without confusion.”

Maxwell noted that the platform integrates directly with tax remittance infrastructure, allowing businesses to move seamlessly from salary processing to filing and payment of statutory obligations through a single workflow, rather than navigating multiple platforms.

She added that the system also addresses poor accounting and record-keeping, a major weakness among Nigerian businesses, particularly smaller firms.

According to her, Paypaxe’s enterprise resource planning (ERP) tools help businesses identify legitimate expenses, track payroll-related costs, manage invoices and maintain proper records supported by receipts and bank transactions.

She said the platform was designed to reflect local business realities, including petty cash management and small-value transactions, which are often poorly supported by foreign accounting software.

Maxwell disclosed that the payroll module would be available for business onboarding before the end of the month, while the broader accounting and ERP features are expected to be rolled out before the end of February.

She also revealed that Paypaxe has long-term plans to provide mortgage financing to ordinary Nigerians, noting that home ownership remains largely out of reach for many citizens.

“For you to have a house in Nigeria today is very, very difficult. You need to maybe have millions stacked,” she said. “At the heart of Paypaxe is the desire to support everyday Nigerians who work hard and deserve access to home ownership.”

According to her, the company plans to offer mortgage loans spanning between 25 and 50 years, arguing that housing should not be reserved for only the wealthy or politically connected.

Maxwell explained that Paypaxe, launched as a financial management and payments platform, was designed to address gaps in Nigeria’s digital banking ecosystem.

“We’re not just a financial payments app like a banking app; we’re also a financial management app,” she said. “On Paypaxe, we give users tools to become better money managers, from tracking income and expenses to budgeting and setting savings targets.”

She said the platform automatically categorises spending and presents it in charts, helping users clearly understand their spending patterns.

On regulation, Maxwell said Paypaxe is currently operating through partnerships with licensed institutions, with plans to obtain its own approvals over time.

“Our near-term goal is to secure a banking licence within a year,” she said. “In two years, we plan to launch Paypaxe Homes, and within five years, obtain a remittance licence to enable Nigerians in the diaspora send money home and save towards home ownership.”

On investments, Maxwell said Paypaxe is partnering with Cordros Capital, a leading financial services group in Africa, to provide regulated investment products through the app.

Speaking at the event, Head of Abuja and Northern Region at Cordros Capital, Ms. Fatima Daniel Okpalaji, said the partnership prioritises clarity and investor protection.

“They are not licensed to hold investment funds, and that’s where we come in,” she said. “Savings and investments are different. Saving is putting money aside; investment is putting money to work.”

She said users can invest as little as N10,000 in money market instruments, which offer liquidity and quick access to funds.

“We’re starting with money market investments because of flexibility. If you need your money, you submit your instruction and within 24 hours, you get value for your money. That flexibility is key for everyday users,” she added.

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