Fintech company Onafriq said it is shutting down its Baxi agent banking business in Nigeria, citing rising operating costs, naira depreciation and growing competition that weakened the economics of its offline payments operations. The company said the decision affects only agent banking and not its presence in Nigeria, where it will keep serving the market through the Onafriq payments network and card issuing. Rapid growth in instant account-to-account transfers has shifted the mix of transactions processed through agents' POS terminals and squeezed transaction margins. Onafriq acquired Baxi, also known as Capricorn Digital Limited, which had more than 90,000 agents before the deal, with the acquisition agreed in 2021 and completed in March 2022. Affected agents have been moved to another principal bank and asked to transfer funds within 30 days, and affected employees will be consulted and supported through the transition.
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- Naira Depreciation: Onafriq exits Nigeria agent banking
Pan-African technology company Onafriq plans to wind down its agent banking business in Nigeria, operated under the Baxi brand, citing inflation, naira depreciation, intensifying competition and the rapid growth of instant account-to-account payments. It said it acquired Baxi in 2021 and invested in the business through 2023, but trading conditions changed significantly from 2024, prompting a review of its strategy. Affected employees will be consulted and supported, and agents on the Baxi platform were transferred to another principal bank, with 30 days to move their funds to a bank of their choice. Onafriq stressed that the closure does not mean exiting Nigeria, as it will continue as a Payment Solution Service Provider and card issuer.
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