Fintech firm Onafriq says it is shutting down its agent banking operations in Nigeria through its Baxi service. The company states the move is limited to its agent banking business and does not amount to an exit from Nigeria.
Outlet reporting links the shutdown to business pressures. The Punch says Onafriq cites rising operating costs, naira depreciation, and increased competition in the agent banking space. TechCabal characterizes Baxi as a major bet over roughly five years on Nigeria’s offline payments market, built around expanding a network of agents to provide services to customers who rely on cash. Other coverage emphasizes that Onafriq’s decision is confined to the agent banking model rather than a broader withdrawal from the country.
