Naira Devaluation Wipes $3.2 Billion from Onafriq Payment Volumes, Revenue Falls 7%
Onafriq reported a 7 percent revenue decline in 2024, with the Nigerian naira devaluation erasing $3.2 billion from its payment volumes. The result illustrates the scale at which FX risk can gut pan-African fintech businesses that carry significant naira-denominated exposure.
Onafriq: the currency did what competition couldn't
Onafriq spent four years growing revenue tenfold — from $7.9 million to $85.6 million. Then Nigeria devalued the naira, and a single currency move erased $3.2 billion from its payment volumes and pushed revenue back down to $79 million.
That's the uncomfortable arithmetic of building a pan-African payments business: your operational performance can be genuinely strong while your reported numbers collapse for reasons entirely outside your control.
For any investor or founder with significant naira exposure, this is the number to sit with. FX risk isn't a footnote — it's a structural feature of the market.