Onafriq tried to sell its Nigerian agent banking business before shutdown
- Onafriq announced the shutdown of its Nigerian agent banking business, Baxi, on October 16, 2026.
- The company cited inflation, naira depreciation, and rising operating costs as reasons for the closure.
- Onafriq's agency services revenue fell 56% to $13.4 million in 2024, down from $30.4 million the previous year.
The closure of Baxi highlights the challenges faced by fintech companies in Nigeria's rapidly evolving payments landscape. While Onafriq's decision to exit the agent banking business may be seen as a retreat, it also reflects the need for companies to adapt to changing market dynamics and consumer preferences. Future discussions should focus on how fintechs can innovate and remain competitive in a crowded market.
