Onafriq winds down Baxi agent banking business in Nigeria
Fintech company, Onafriq, has announced plans to wind down its Baxi agent banking business in Nigeria, citing naira depreciation, rising operating costs and shrinking margins amid intensifying competition in the payment services market. The post Onafriq winds down Baxi agent banking business in Nigeria appeared first on Nairametrics .
Fintech firm Onafriq plans to discontinue its Baxi agent banking operations in Nigeria, citing factors such as naira depreciation, increasing operating costs, and diminished margins in a competitive payment services market. The decision impacts Baxi's agent banking activities under Onafriq Nigeria Payments Limited but does not lead to a full exit from Nigeria, as the company will maintain its cross-border payments network and card issuing services in the country.
In a statement on October 16, 2026, Onafriq cited macroeconomic pressures and changes in Nigeria's payments market as the driving forces behind the strategic retreat from offline agent banking. CEO Dare Okoudjou acknowledged that the company entered Nigeria with high expectations but did not achieve the desired results. Despite the decision, Onafriq remains committed to serving the Nigerian market through its payments network and card issuing services.
The company's exit aligns with a broader trend of international and domestic businesses scaling back or exiting parts of the Nigerian market due to currency volatility, inflation, and challenges repatriating earnings.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
