Fintech Firm Onafriq to Close Nigeria Agent Banking Business
- Onafriq will wind down its Baxi agent banking business in Nigeria, citing inflation, naira depreciation, higher costs, and stronger competition.
- The company said faster account-to-account payments changed transactions handled by agents and put pressure on the business’s sustainability.
- The closure will affect employees connected to the business, whom Onafriq said it would consult and support during the transition.
- Onafriq said it will continue operating in Nigeria through other payments services.
11 Articles
11 Articles
Naira Depreciation: Onafriq exits Nigeria’s agent banking
By Juliet Umeh Pan-African technology company, Onafriq, has announced plans to wind down its agent banking business in Nigeria, operated under the Baxi brand by Onafriq Nigeria Payments Limited, citing inflation, naira depreciation and intensifying competition. The company said the economic pressures had increased operating costs and affected transaction volumes, while the rapid growth of […]
Onafriq Pulls Baxi Out Of Nigeria As Fintech Margins Come Under Pressure
Onafriq is preparing to exit Nigeria’s agent banking market, with its decision to wind down Baxi highlighting the mounting financial pressures facing payment service providers operating in the country. The fintech company attributed the move to the depreciation of the naira, rising operating expenses and shrinking profit margins as competition intensifies across the payments sector. […]
Onafriq winds down Baxi as Nigeria’s agent banking economics worsen
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does […]
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