Onafriq winds down Baxi agent banking in Nigeria due to naira depreciation and competition

Onafriq announced it's winding down Baxi agent banking business in Nigeria effective immediately, citing naira depreciation, rising operating costs and shrinking margins amid intense competition in payment services. The company acquired Baxi in 2021 but says the offline agent banking model became unsustainable due to macroeconomic pressures and growth of instant account-to-account transfers compressing margins.

While exiting agent banking, Onafriq confirms it remains in Nigeria through cross-border payments and card issuing services. The decision affects agents, employees and partners who built the Baxi network nationwide. Agents have 30 days to transfer funds to their preferred principal bank, with Onafriq support teams available. Affected employees will be consulted and supported fairly during transition.

This reflects broader challenges as international firms reassess Nigeria operations - Moove recently concluded operations and Uber exited earlier. Agents should contact Onafriq support for transition assistance within the 30-day window to avoid disruption to their financial services access.

SOURCE: https://nairametrics.com/2026/10/16/onafriq-winds-down-baxi-agent-banking-business-in-nigeria/