Fintech company exits agent banking but stays in Nigeria
Fintech company Onafriq is shutting down its Baxi agent banking business in Nigeria, citing rising costs, naira depreciation, and growing competition. Read More: https://punchng.com/fintech-company-exits-agent-banking-but-stays-in-nigeria/
Onafriq, a Nigerian fintech company, announced the closure of its Baxi agent banking business in the country. The decision was made due to rising operating costs, currency depreciation, and increased competition, which has negatively impacted the economics of its offline payment operations. The company reiterated that this closure does not signal an exit from Nigeria's market, as it will continue to operate as a payment solution service provider through its Onafriq payments network and card issuing services.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
