“Can an agent-banking network double as the last-mile merchant rail for Africa's largest mobile-money interoperability platform?”
Baxi originated as Capricorn Digital Limited, a Nigerian agent-banking and digital distribution network. It was acquired by MFS Africa in late 2021 to serve as its Nigerian merchant/agent footprint. Following MFS Africa's 2023 rebrand to Onafriq, Baxi now operates as 'Baxi by Onafriq', the agent-banking and merchant-services arm of Africa's largest cross-border mobile-money network.
Baxi by Onafriq discloses Onafriq (parent network) as its banking provider, according to the Embedded Finance Index 2026.
Baxi by Onafriq does not disclose a bank charter of its own; its banking services are provided through Onafriq (parent network).
Baxi by Onafriq processes payments through Baxi (self-operated) and Onafriq (parent network).
Baxi by Onafriq's cards are issued through GTP (Global Technology Partners) — Onafriq subsidiary.
Baxi by Onafriq's lending and capital products are provided by Baxi Trade Finance (in-house).
Baxi by Onafriq uses Onafriq (parent network) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 5 layers in Baxi by Onafriq's stack: Payments / PSP (Baxi (self-operated) and Onafriq (parent network)); Banking / BaaS (Onafriq (parent network)); Card issuing (GTP (Global Technology Partners) — Onafriq subsidiary); Lending (Baxi Trade Finance (in-house)); FX & payouts (Onafriq (parent network)).
Baxi by Onafriq is headquartered in Ikeja, Lagos, Nigeria.
Get a read on where your own stack stands against Baxi by Onafriq and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.