Naira Depreciation: Onafriq Exits Nigeria’s Agent Banking Business

Onafriq plans to wind down its agent banking business in Nigeria, operated under the Baxi brand, citing inflation, naira depreciation and intensifying competition. The company acquired Baxi in 2021 and invested in its network through 2023, but says rising costs, lower transaction volumes and the growth of instant payments have made the business unsustainable. Affected employees will be consulted and supported, while Baxi agents have been transferred to another principal bank and advised to move their funds within 30 days. CEO Dare Okoudjou said the decision does not mark Onafriq’s exit from Nigeria, where it will continue providing payment and card-issuing services.