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Onafriq Exits Nigeria Agent Banking

3 entriesSat, Oct 17 – Wed, Oct 21Fintech & Payments

Timeline

  1. Wed, Oct 21LatestUnverified — not yet reviewed

    Nigeria's PoS Agents Face Displacement as Mobile Transfers Take Over

  2. Tue, Oct 20Unverified — not yet reviewed

    Onafriq Tried and Failed to Sell Baxi Before Shutdown

    New reporting reveals that Onafriq attempted to sell its Baxi agent banking business in Nigeria before ultimately shutting it down, pointing to deeper distress in the country's agent-banking sector. The failed sale attempt is being read as a broader market signal about the economic viability of agent banking for mid-tier operators in Nigeria.

  3. Sat, Oct 17Unverified — not yet reviewed

    Onafriq Shuts Down Baxi Agent Banking in Nigeria After Five Years

    Pan-African fintech Onafriq has closed its Baxi agent banking business in Nigeria, ending a five-year operation. The exit is being read as a signal of margin compression and competitive pressure making the agent banking model economically unviable for mid-tier players in Nigeria's evolving payments market.