Onafriq’s 2024 revenue fell 7% as naira devaluation wiped $3.2 billion from payment volumes

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.

Last updated: September 5, 2026