#Onafriq winds down Baxi in Nigeria#

Baxi agents who are well known in many areas of Nigeria earn commissions from POS transactions, selling of Airtime and data, Processy utility bills and TV subscriptions, their profits depend on transactions, commision rate just like many well know agents in same niche. As of October 2026, Baxi’s Parent company Onafriq, has announced that it is winding down its Nigerian agent- banking business, which will mean that it will be gradually closing or reducing its agents business operations with existing agents being transitioned to another bank. Onafriq plans to continue with other payment services. It has a fall in agency revenue ove the past years from $30.4million to $ 14.7 million in 2024 as the dollar exchange rate had also made significant changes to the naira and also the adoption and acceptance of most other fintech with more reach in the demographic. This news may affect the earnings of the various existing Baxi agents and reconciliation of account balances. Baxi agents should therefore protect their money, buy moting transactions, choose a replacement principal bank, and avoid investing more in the old arrangement. Baxi was incorporated in year 2012 by Capricor Digital Limited and was founded as network business by Degbola Abudu and Folu Majekodunmi it was meant to help Nigerians who had no access to to banks perfom basic financial transactions, Empower small businesses and Agents, Connect Nigeria business to wider payment networks, On October 2021, Onafriq an African-founded payment platform company headquartered in Johannesburg then known as MFS africa, announced the acquisition. It completed the deal in March 2022. Baxi already had more than 90,000 agents and had processed over $1.6 billion in transaction volume during 2021.
#Lesson From Baxi Story#
Baxi needed to make its agent network valuable to both customers and agents while ensuring that every transaction contributed enough to cover its costs to avoid winding downs its Nigerian agent banking business and increasing all it revenues.