LAGOS — Pan-African fintech company Onafriq is winding down its agent banking business in Nigeria, which it acquired in 2021 as Capricorn Digital and ran under the Baxi brand. The company blamed the fall of the naira, inflation, shrinking margins since 2024 and the growth of instant account-to-account payments. Agents have been moved to another principal bank and given 30 days to transfer their funds. Founder and Chief Executive Dare Okoudjou said Onafriq is not leaving Nigeria and will continue as a payment service provider through card issuing and its network. Only staff working on the agent banking business are affected.