Onafriq Shuts Down Baxi Agent Banking in Nigeria

Onafriq , a pan-African payments company, is shutting down its Baxi agent banking business in Nigeria after five years, citing rising operating costs, naira depreciation, inflation and intensifying competition in the financial services market. The decision marks a shift in the company’s Nigerian strategy, as it redirects resources towards its cross-border payments network and card issuing services while ending its direct involvement in agent banking through Baxi. Baxi, operated by Onafriq Nigeri