MFS Africa completes Capricorn

Onafriq Completes Acquisition of Nigerian Super-Agent Baxi

MFS Africa has completed its acquisition of Nigerian super-agent Capricorn Digital Limited, known in the market as Baxi, following approval of the transaction by the Central Bank of Nigeria.

Baxi’s Role in Nigeria's Digital Payment Landscape

Baxi is one of Nigeria’s largest independent SME-focused electronic payment networks, with over 90,000 agents. It provides a cash-in/cash-out offering as well as value-added services (account opening, money transfer, bill payment and more) to the last mile.

Strategic Significance of the Acquisition

Crucially, the acquisition provides entry into the Nigerian market for MFS Africa. Once Baxi is integrated as a key node on our digital payment network, customers will be able to make regional and global payments both to and from Nigeria.

MFS Africa’s Vision for the Future

“This deal is a pivotal step in our journey. By combining Baxi’s network of SMEs operating as agents with our pan-African network, we can connect Nigeria’s SMEs to the rest of Africa and the world,” says Dare Okoudjou, MFS Africa’s Founder and CEO. “The acquisition will also provide exciting synergies as Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network, while MFS Africa simplifies cross-border payments and integrates payments via one hub.”

Baxi's Impact on Nigeria’s Financial Inclusion

Baxi’s distribution network represents a crucial interface for banks, fintechs, and other financial services providers to reach Nigeria’s 100 million financially unserved or underserved individuals and small businesses.

Onafriq’s Expansion in Africa

“Our expansion into Nigeria brings us one step closer in our mission of making borders matter less,” says Dare Okoudjou.