Nigeria’s currency depreciation in 2023 hit Onafriq hard in 2024, with revenues falling 7% year-on-year to $79 million, according to recent regulatory filings.
The fintech, which operates in more than 38 countries and provides cross-border and domestic payment services, had otherwise been on an upward trajectory, growing revenue from $7.9 million in 2020 to $85.6 million by 2023.
Revenue was not the only metric affected by the depreciation. Total processed volume was significantly impacted, an outcome the company attributed to the devaluation of the naira.
Group total processed volume (TPV), which measures the value of transactions flowing through its channels, fell from $11.2 billion in 2023 to $8 billion in 2024, representing a 28% year-on-year decline.
Meanwhile, gross profit for the year fell 3% to $42 million. Beneath those headline figures, Onafriq’s core network continued to expand.
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In 2023, the company reported that 500 million wallets were connected through its infrastructure. By 2025, that figure had doubled to more than one billion wallets, highlighting the scale of its payments network across the continent.
Its geographic footprint, however, did not grow at the same pace. The company added just one new market during the year, increasing its coverage from 37 to 38 countries.
Despite years of rapid revenue growth, profitability remains elusive. Losses from operating activities rose to $29 million in 2024 from $23 million a year earlier. However, the company reported a loss after tax of $36.2 million, an improvement from the $40 million recorded in 2023.
One bright spot was the company’s debt profile. Total borrowings declined from $39 million in 2023 to $23 million by the end of 2024, reducing financing pressure on the business.
Onafriq also received $47 million from a Series C Extension III funding round agreed in the previous financial year, strengthening its liquidity position.
The company’s increasing scale is also beginning to show in its operating efficiency. Cost of sales fell 11% to $38 million during the year, helping offset some of the pressure from lower revenue.
Still, challenges remain. Cash and cash equivalents fell from $71.9 million to $48.2 million during the year, while accumulated losses widened to $176.5 million.
In its audit report, Grant Thornton highlighted a material uncertainty related to the company’s ability to continue as a going concern, noting that future performance will depend on its ability to maintain sufficient liquidity and sustain growth across its payments network.
Last updated: September 4, 2026
