Onafriq's Baxi Closes Amid ₦19.9bn Debt Crisis

Baxi, a significant point-of-sale (PoS) operator owned by the pan-African payments company Onafriq, announced its closure on October 16, 2026. This decision follows unsuccessful attempts to sell the business amid declining revenue and increasing financial pressures.

As of July 2026, Onafriq's Nigerian subsidiary reported outstanding bank overdrafts totaling ₦19.9 billion, which included ₦13.8 billion with an unspecified bank and ₦6.1 billion with Stanbic IBTC Bank. Prior to the closure announcement, Onafriq had been negotiating the sale of Baxi, aiming to transfer the entire Nigerian agency banking operation to an unidentified buyer.

However, negotiations remained unresolved as of July 29, when Onafriq's financial statements were approved. The company had entered into a non-binding agreement with a prospective purchaser, but the October shutdown did not clarify the status of these negotiations.

The situation raises concerns about the sustainability of smaller agency banking operators in Nigeria, especially given rising competition and changing consumer payment habits.