Payments company Onafriq said on 16 October that it will close Baxi, the Nigerian agent banking network it bought in 2021, but keep its cross-border payments and card business in the country. Baxi’s agents have been moved to another principal bank and have 30 days to transfer their funds; Onafriq did not say how many agents or staff are affected. The company blamed the weaker naira, inflation, thinner margins and the rapid spread of instant account-to-account transfers, which have cut demand for cash services at agents. The exit follows those of the mobility firm Moove and of Uber, and shows how the weak naira is pushing foreign-owned consumer platforms without scale out of Nigeria.
Sources
- Nairametrics: https://nairametrics.com/2026/10/16/onafriq-winds-down-baxi-agent-banking-business-in-nigeria/
- Techpoint Africa: https://techpoint.africa/news/onafriq-shut-baxi-agent-banking/
- BusinessDay: https://businessday.ng/technology/article/onafriq-shuts-baxi-agent-banking-in-nigeria-after-economics-turn-unfavourable/