When Onafriq introduced it was shutting down Baxi, its Nigerian agent banking business, on October 16, it marked the end of a five-year expansion effort that started when the corporate acquired one in all Nigeria’s largest impartial agent banking networks. But months before asserting the closure, the pan-African funds firm had been negotiating a sale of Baxi.
The proposed sale, which coated your complete company banking operation lively solely in Nigeria, remained unresolved as of July, in accordance to Onafriq’s audited financial statements filed within the United Kingdom.
In the assertion asserting Baxi’s closure, the corporate cited inflation, naira depreciation, rising working prices, shrinking margins, and development in different fee strategies reminiscent of account-to-account (A2A) transfers, which weakened offline funds. It stated the economics of operating an offline agent community had change into unsustainable.
Onafriq’s assertion didn’t point out the possible purchaser or the standing of the negotiations. As of July 29, when the accounts had been permitted, negotiations had been nonetheless ongoing, and Onafriq stated it couldn’t reliably estimate the construction, timing, or monetary impression of a sale.
“During 2026, Onafrıq Nigeria Payments Limited entered into a non-binding memorandum of terms with a purchaser in respect of the proposed divestment of the agency business,” the corporate said in the financial statements. “The proposed transaction contemplates the sale of 100% of the agency business and related operations, subject to the terms and conditions to be agreed between the parties in a definitive asset purchase agreement.”
By then, the business had already suffered a pointy monetary decline. Onafriq’s company providers income fell 56% to $13.4 million in 2024, from $30.4 million the earlier 12 months. The firm additionally wrote off the remaining $4.56 million in goodwill tied to its Nigerian funds business, reflecting a decline within the worth it anticipated to get better from the funding.
The tried sale reversed the technique that introduced Onafriq into Nigeria. The firm had acquired Baxi to join an enormous community of cash-based brokers to its pan-African funds infrastructure.
Five years later, it was in search of an acquirer to take over that community. By October, it was telling Baxi’s brokers—over 460,000 as of 2025—to transfer their funds elsewhere.
An unfinished sale
Baxi’s declining income was solely a part of its monetary troubles. Although Onafriq minimize company providers prices from $17 million in 2023 to $8.7 million in 2024, gross revenue fell even sooner, declining by 65% from $13.4 million to $4.7 million, according to its financial report.
The group’s company business generated about $35 in gross revenue for each $100 in income in 2024, down from $44 the earlier 12 months. That left significantly much less cash to cowl salaries, know-how, and different working bills.
By the time Onafriq started negotiating a sale in 2026, its company providers generated considerably much less gross revenue than they did two years earlier. The business additionally operated company-owned point-of-sale (PoS) terminals and supplied short-term credit score to brokers whose pockets balances had been operating low.
According to Onafriq, brokers sometimes had one to seven days to repay the loans, with rates of interest starting from 2.5% to 7% for every mortgage. The firm funded the credit score from its personal sources, assessed brokers’ creditworthiness, and picked up repayments and managed defaults.
In July 2026, Onafriq stated its Nigerian subsidiary, Onafriq Nigeria Payments Limited, owed ₦13.8 billion ($10.4 million) to Zenith Bank, a Nigerian tier-1 lender, and ₦6.1 billion ($4.6 million) to Stanbic IBTC Bank, a mid-tier financial institution, in excellent overdrafts, bringing the overall to ₦19.9 billion ($15 million), its filings showed.
“We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for,” Dare Okoudjou, Onafriq’s founder and chief government officer, said in the statement asserting Baxi’s shutdown in Nigeria.
The economics behind Baxi’s retreat
Onafriq had already begun writing down the worth of its Nigerian funds business before Baxi’s shutdown. It wrote off $2.4 million in goodwill in 2023 and the remaining $4.56 million in 2024, according to its filings.
Goodwill is the additional worth recorded when an organization buys a business, past the worth of its identifiable web belongings. The write-offs meant Onafriq not anticipated the business’s future earnings to justify that further worth.
However, different elements of Onafriq’s group-wide business had been performing higher. Revenue from cash switch charges grew by 20% to $43.9 million in 2024. The group’s card price income additionally jumped 22%.
The contrasting efficiency helps clarify why Onafriq retained its funds community and card-issuing providers whereas closing Baxi. Yet, Nigeria’s wider PoS market introduced a extra difficult image.
According to the Nigeria Inter-Bank Settlement System (NIBSS), the nation’s funds swap, PoS transactions’ worth rose 79% to ₦18.78 trillion ($14.1 billion) within the first quarter of 2026. The variety of deployed PoS terminals had greater than doubled, from 2.45 million on the finish of 2023 to 5.56 million on the finish of 2024.
But the expansion in transaction worth hid a a lot slower enhance within the variety of funds. In 2024, NIBSS data showed PoS transaction volumes rose by simply 8%, from 1.4 billion to 1.5 billion, whilst deployed terminals elevated by 127%.
The variety of terminals was increasing a lot sooner than the transactions passing by means of them. For agent banking suppliers, extra units out there meant larger competitors for purchasers, with out a corresponding enhance within the variety of transactions from which they may earn commissions.
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TC DATA LAB / INTERACTIVE
Nigeria added PoS machines sooner than transactions
Between 2023 and 2024, deployed PoS terminals
greater than doubled, however transaction volumes
barely grew. Explore what that meant for
the variety of transactions per terminal,
as Onafriq’s Baxi business struggled.
Deployed PoS terminals
5.56 million
THE NETWORK
5.56m
50,000 deployed terminals.
Squares are a scaled illustration.
Annual PoS transactions
1.5 billion
throughout the 12 months
TRANSACTION VOLUME
1.5bn
each years, making the comparatively
small change seen.
270
annual transactions per
year-end deployed terminal
−53%
change from 2023 to 2024
In 2024, Nigeria recorded roughly
270 annual PoS transactions for
each terminal deployed at year-end,
in contrast with about 571 in 2023.
Meanwhile, Baxi’s economics had been deteriorating
Onafriq’s reported company providers figures
present what occurred to the business as
Nigeria’s wider PoS community expanded.
These are group company providers figures,
not a measure of transactions per Baxi agent.
$13.4m
$4.7m
What the numbers recommend:
Nigeria’s PoS community was increasing far
sooner than the variety of transactions
flowing by means of it. That is constant
with intensifying competitors for
transaction exercise, whilst Onafriq’s
company income and gross revenue declined.
It doesn’t set up that the nationwide
development prompted Baxi’s losses or shutdown.
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Competition was additionally coming from a lot bigger operators. Moniepoint, one in all Baxi’s rivals, already had over 800,000 PoS terminals in Nigeria on the finish of 2024. By 2026, the quantity had grown to over one million active PoS terminals within the nation.
The Nigerian fintech unicorn stated it served over six million businesses in 2025, underscoring the dimensions of the networks Baxi was competing towards, which made its business laborious to justify.
From enlargement to exit
Onafriq entered Nigeria’s agent banking market in October 2021, when the corporate, then often called MFS Africa, announced its acquisition of Capricorn Digital Limited, the corporate behind Baxi. The deal was accomplished in March 2022 after receiving the Central Bank of Nigeria’s (CBN) approval.
At the time, Baxi had greater than 90,000 brokers offering money withdrawals, transfers, and invoice funds. The community processed over $1.6 billion in transactions in 2021, making it one in all Nigeria’s largest impartial agent banking networks.
The acquisition was supposed to join Baxi’s bodily distribution community to MFS Africa’s cross-border funds infrastructure. In June 2022, the corporate additionally secured debt financing from Stanbic IBTC Bank to help Baxi’s enlargement.
Five years later, Onafriq is dismantling that technique. Following the shutdown, it stated it had transferred Baxi’s brokers to one other principal financial institution and given them 30 days to transfer their funds to a principal financial institution of their selection.
Onafriq will proceed working in Nigeria by means of its funds community and card-issuing providers, however with out the agent banking business it acquired to set up a foothold within the nation’s offline funds market.
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