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Pan-African payments network Onafriq is winding down Baxi, its Nigerian agent banking business, after five years, citing inflation, naira depreciation, rising operating costs and the rapid growth of instant account-to-account payments.
Onafriq's wind-down of Baxi highlights a broader unit-economics crisis in Nigeria's offline agent banking model as inflation, costs and instant digital payments squeeze the business that once brought millions into the financial system.
Onafriq is closing Baxi, the agent banking business it acquired in 2021, citing inflation, naira depreciation and the rise of instant account-to-account payments, while insisting it is not exiting Nigeria.