Follow Us on Google
From Adanna Nnamani, Abuja
Fintech company, Paypaxe, has launched a new digital platform aimed at easing salary payments and payroll administration for small and medium-sized businesses across Nigeria.
Speaking at the launch of the platform in Abuja over the weekend, the founder of Paypaxe, Mrs. Belema Maxwell, said the initiative was designed to help businesses automate salary payments, calculate statutory deductions and comply with existing tax regulations without relying on manual processes.
She noted that many small businesses still struggle with payroll management, often depending on informal payment methods or bank officers to pay staff, a situation she said exposes employers to errors and compliance risks.
According to Maxwell, the web-based payroll system allows businesses to register their companies and employees, automate salary payments and compute statutory deductions in line with applicable rules.
“With the payroll system, businesses can register their employees, automate salary payments and ensure all deductions are properly calculated. After processing payroll, the platform also guides businesses through remittance, making it easier to meet statutory obligations,” she stated.
She explained that the platform integrates payroll processing with tax remittance infrastructure, enabling businesses to move directly from salary payments to filing and payment of statutory deductions through a single workflow.
Maxwell added that the platform also tackles poor accounting and record-keeping, which remains a major challenge for small businesses in Nigeria.
She said Paypaxe’s enterprise resource planning tools help firms track payroll-related costs, manage invoices, identify legitimate expenses and maintain proper records supported by receipts and bank transactions.
According to her, the system was built to reflect local business realities such as petty cash management and small-value transactions, which are often poorly handled by foreign accounting software.
Maxwell disclosed that the payroll module would be available for business onboarding before the end of the month, while the 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 expand into mortgage financing for ordinary Nigerians, noting that home ownership remains out of reach for many workers.
“For you to have a house in Nigeria today is very difficult. At Paypaxe, we want to focus on everyday Nigerians who work hard and give them access to long-term home mortgages,” she added.
On regulation, Maxwell said the company is currently operating through partnerships with licensed institutions, with plans to secure its own approvals in the future.
On the investment side, Paypaxe is partnering Cordros Capital to provide regulated investment products through the platform.
Speaking at the event, the Head of Abuja and Northern Region at Cordros Capital, Mrs. Fatima Daniel Okpalaji, said users would be able to invest from as low as N10,000 through money market instruments that offer liquidity and quick access to funds.
Both speakers stressed the need for improved financial literacy, noting that better payroll management, savings and investment habits were critical for the sustainability of small businesses.
