Onafriq Agent Banking Exit Nigeria

Onafriq has decided to shut down its agent banking business in Nigeria, operated as Baxi, due to harsh business conditions including inflation and currency depreciation. The closure will affect employees and agents, but Onafriq will continue its payment services in Nigeria.

Onafriq is shutting down its Baxi agent banking business in Nigeria due to rising operating costs, currency depreciation, and increased competition. The decision does not indicate a complete exit from the Nigerian market.

Onafriq has announced the winding down of its Baxi agent banking business in Nigeria due to naira depreciation, rising costs, and increased competition. The company will continue its cross-border payments and card issuing services in Nigeria.