News Recap : FG To Track Remote Workers Earnings, Fairmoney Unveils FlexiCredit

This week on Techstoriex news recap, Nigeria’s financial and regulatory landscape entered a new phase as government agencies, fintechs, and lenders rolled out major updates with far-reaching consequences. The Federal Government’s sweeping tax reform continued to spark nationwide debate, FairMoney introduced a new credit product aimed at easing financial strain for professionals, and the FCCPC moved to tighten control over Nigeria’s fast-growing digital lending sector. Meanwhile, OPay expanded its physical presence with a new Ibadan office, reinforcing its push for stronger customer trust and nationwide accessibility.

1. Tax Reform Debate Grows as FG Moves to Track Remote Work Earnings

Nigeria’s forthcoming tax reform, scheduled for implementation in January 2026, has triggered a wave of public unease as citizens question how much financial data the government intends to collect. While officials insist the reforms will broaden national revenue, many Nigerians fear the measures could usher in deeper monitoring of remote workers and earners with foreign income. The reform package, signed into law on 26 June 2025, spans four major Acts aimed at modernising the country’s tax administration — but it is the potential expansion of data access that has intensified nationwide debate.

A central point of concern is the government’s plan to leverage global information exchanges through the Common Reporting Standards (CRS). More than 100 countries currently share financial data on Nigerian residents, and authorities say this will be instrumental in detecting tax evasion. Taiwo Oyedele, chair of the Presidential Fiscal Policy and Tax Reforms Committee, explained that individuals who fail to voluntarily disclose foreign income may face presumptive assessments based on data already in the government’s possession. Privacy advocates, however, argue that citizens deserve clarity long before such information is used to make tax decisions.

Legal and diaspora voices have also raised critical questions. Abuja-based lawyer Ayomide Ahmed warned that certain categories of sensitive data — including foreign asset records and income histories — cannot be accessed without explicit consent. UK-based tech entrepreneur Wale Ameen added that surveillance concerns would become unacceptable if location tracking or GPS tools were ever introduced. Economists such as Dr Muda Yusuf say that while taxing global income is globally standard, Nigeria’s challenge will be building public trust. Without transparency on how tax revenues are used, he warns, the reforms may struggle to gain widespread acceptance.

2. FairMoney Unveils Credit Programme Targeted at Professionals

FairMoney has stirred fresh interest in Nigeria’s digital lending market with the launch of FlexiCredit, a new credit line designed specifically for working professionals navigating rising living costs. The microfinance bank says the product enables qualified users to access up to ₦5 million without the delays or heavy requirements associated with traditional banking. Once approved, the user receives a lifetime spending limit that can be activated as needed, with interest charged only on the amount utilised.

The introduction of FlexiCredit marks a shift in the country’s lending culture, where stable earners often struggle to obtain timely credit. Conventional banks can take weeks to process applications, and demanding collateral requirements frequently deter borrowers. FairMoney positions its new product as the opposite — fast, flexible, and tailored for the modern workforce. Head of Marketing Margaret Banasko said FlexiCredit was built for professionals who “value speed, clarity, and control,” noting that access is instantly restored once the minimum due is paid.

To qualify, applicants must earn at least ₦250,000 monthly, maintain a strong credit score, and complete Level Two KYC within the FairMoney app. The repayment structure is straightforward: borrowers can clear the full outstanding balance or pay a minimum due, which immediately refreshes access. The product arrives at a time when digital lenders are facing tighter regulation and growing competition. Whether professionals embrace the model remains to be seen, but FlexiCredit adds new momentum to Nigeria’s evolving digital credit landscape.

3. FCCPC Limits Digital Lenders to Five Apps Ahead of January Compliance Deadline

Nigeria’s digital lending ecosystem is gearing up for a major reset as the Federal Competition and Consumer Protection Commission (FCCPC) enforces a strict limit of five apps per operator by 5 January 2026. The decision, part of sweeping regulations introduced in July 2025, seeks to curb aggressive debt-recovery practices and minimise loopholes that lenders have exploited through multiple brand identities. Some operators currently run as many as eight apps, making oversight difficult and enabling unregistered platforms to thrive.

Under the new rule, joint ventures are also restricted to a total of five apps, and none of the partners may operate additional platforms independently. Lenders who exceed the cap must either merge or shut down excess apps, and each extra app above the standard two now attracts a ₦500,000 approval fee. The FCCPC says the measure is designed to enforce transparency, improve consumer protection, and simplify regulatory supervision in a market that has long battled privacy violations, harassment, and data misuse.

For consumers, the transition may bring short-term disruptions as lenders consolidate their platforms, but regulators argue that the long-term benefits outweigh the temporary inconvenience. Stricter disclosure requirements, app declarations during licence renewal, and potential delistings by Google or Apple are expected to create a cleaner ecosystem. With 492 lenders registering before the earlier October deadline, industry analysts say the new cap could reshape Nigeria’s digital lending sector by forcing stronger compliance and reducing harmful operational practices.

4. OPay Launches New Ibadan Office

OPay has expanded its physical footprint in Nigeria with the opening of a new Ibadan office, reinforcing its commitment to financial inclusion and hands-on customer support. The launch attracted merchants, partners, and local business leaders who described the move as a positive step toward strengthening financial access in Oyo State. While OPay is widely recognised for its digital presence, the company says physical engagement is still essential in a market where trust often depends on direct human interaction.

Speaking at the opening, Chief Commercial Officer Elizabeth Wang said the new branch aligns with OPay’s long-term mission of bringing reliable financial services closer to users across Nigeria. She noted that although the company previously operated in Ibadan, the upgraded office reflects a higher standard. Wang added that nationwide outlets will undergo further improvements, with new security features such as Face ID authentication to enhance user protection.

The new office will also serve as a hub for deeper customer engagement. Head of Partnership Odiase Ikponmwosa said the facility will support product demonstrations, faster issue resolution, and wider merchant onboarding. The expansion ties into OPay’s broader strategy of empowering SMEs, young entrepreneurs, and digital commerce through accessible financial tools. Since launching in 2018, OPay has become one of Nigeria’s leading fintech operators, and the Ibadan expansion signals its intention to strengthen community presence while scaling national reach. See you next week for another news recap.