Onafriq tried to sell its Nigerian agent banking business before shutdown

When Onafriq announced it was shutting down Baxi, its Nigerian agent banking business, on October 16, it marked the end of a five-year expansion effort that began when the company acquired one of Nigeria’s largest independent agent banking networks. But months before announcing the closure, the pan-African payments company had been negotiating a sale of Baxi.

The proposed sale, which covered the entire agency banking operation active only in Nigeria, remained unresolved as of July, according to Onafriq’s audited financial…