Nigeria, Oct. 16 -- Fintech firm Onafriq Nigeria Payments Limited has announced it will wind down its Nigerian agent banking business, Baxi, and refocus on pan-African payments.

In a statement on Friday, the company cited macroeconomic headwinds such as inflation and currency depreciation as key factors affecting trading volumes and operating costs and undermining the sustainability of its offline agent banking model.

South Africa-based Onafriq, with a footprint in Morocco, Mali, Kenya, and Tanzania among others, entered the Nigerian agent banking market in 2021 when it acquired the Baxi business (also known as Capricorn Digital Limited) and invested heavily through 2023 to strengthen and scale its agent network.

Operating conditions c...