Onafriq shuts down its Nigerian agent banking business after five years

Onafriq, a digital payments network that operates across 40 African countries, is winding down Baxi, its Nigerian agent banking business, after five years, following what the company calls a review of its long-term strategy and sustainability.

The company said in a statement on Friday that inflation, naira depreciation, rising operating costs, lower trading volumes, margin pressure, and the rapid growth of instant account-to-account payments have made the offline agent banking business unsustainable.

Baxi was one of Onafriq’s large bets on…