MFS Africa completes acquisition of Nigerian super-agent network, Baxi

MFS Africa, the largest pan-African digital payments hub, on Monday announced that it has completed its acquisition of Capricorn Digital Limited, known in the market as Baxi.

The transaction was first announced in November 2021 pending approval of the Central Bank of Nigeria (CBN), which has now been granted.

Baxi is one of Nigeria’s largest independent Small and Medium Enterprise (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.

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As well as providing entry into the Nigerian market for MFS Africa, the acquisition also provides exciting synergies: 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 growth has accelerated over the last 24 months achieving over US$1.6 billion of transactions in 2021. MFS Africa will build Baxi into a key node on its digital payment network, enabling customers to make regional and global payments to and from Nigeria.

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.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.