Launched in Abuja, Paypaxe is a new financial management platform designed to solve two of the most significant challenges facing the Nigerian workforce: the complexity of business payroll compliance and the high barrier to entry for homeownership.
Founded by Ms. Belema Mary Maxwell, the platform aims to move Nigerian SMEs away from informal “manual” systems toward a structured, automated future.
1. Modernizing the SME Payroll Lifecycle
Many Nigerian businesses still rely on bank officers or ad hoc spreadsheets to manage salaries, which often leads to errors in tax calculations and non-compliance with national laws. Paypaxe addresses this through:
- Automated Deductions: The system automatically computes statutory deductions (such as tax and pensions) in line with Nigerian law.
- Direct Tax Integration: Unlike many foreign tools, Paypaxe integrates directly with local tax remittance infrastructure, allowing businesses to file and pay in one workflow.
- Tailored ERP Tools: The platform includes “local-reality” features like petty cash management and small-value transaction tracking, which are often overlooked by global software.
2. The “Paypaxe Homes” Vision: 50-Year Mortgages
Perhaps the most ambitious aspect of the platform is its commitment to solving Nigeria’s housing crisis. Ms. Maxwell noted that owning a home is currently “very, very difficult” for the average worker.
- Extended Tenures: Paypaxe plans to offer mortgage loans with tenures ranging from 25 to 50 years.
- Accessibility: By spreading payments over a half-century, the goal is to make housing affordable for everyday workers rather than just the wealthy or politically connected.
- Timeline: The “Paypaxe Homes” initiative is slated for launch within the next two years.
3. Personal Finance and Investment
Paypaxe is designed to be a “financial co-pilot” for individual users. The app includes:
- Visual Budgeting: Tools that automatically categorize spending and present it in charts to help users understand their financial behavior.
- Regulated Investments: Through a partnership with Cordros Capital, users can invest as little as ₦10,000 in money market instruments.
- Liquidity: Investments are designed to be flexible, allowing users to access their funds within 24 hours of an instruction.
4. Regulatory Roadmap (2026–2031)
Paypaxe currently operates through partnerships with licensed institutions but has a clear five-year plan for independence:
- Year 1: Obtain a full banking license.
- Year 2: Launch Paypaxe Homes (Mortgage financing).
- Year 5: Obtain a remittance license to support diaspora savings for homeownership.
Conclusion: A Holistic Financial Hub
By combining business tools (payroll and accounting) with personal aspirations (savings, investment, and housing), Paypaxe is positioning itself as more than just a payments app. It is a comprehensive ecosystem designed to build wealth and stability for the Nigerian middle class.
Paypaxe Quick Facts:
- Founder: Belema Mary Maxwell
- Payroll Launch: End of January 2026
- ERP Features: Rolling out late February 2026
- Investment Partner: Cordros Capital
- Mortgage Target: 25–50 year repayment plans
