Baxi by Onafriq
“Can an agent-banking network double as the last-mile merchant rail for Africa's largest mobile-money interoperability platform?”
HQIkeja, Lagos, Nigeria
IndustryFintech / Agent banking
The story
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.
Last 12 months
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Product timeline
2021
Baxi (Capricorn Digital Limited) acquired by MFS Africa (now Onafriq) to expand agent banking distribution in Nigeria.· acquisition
2022
MFS Africa extended Series C to $200M to fund BAXI growth and pan-African expansion.· funding
2023
MFS Africa rebranded to Onafriq; Baxi rebranded to 'Baxi by Onafriq'.· pivot
The stack
5 layers disclosed in Baxi by Onafriq’s embedded-finance stack
Payments / PSP
Baxi (self-operated)Onafriq (parent network)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: significant
4 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.