Nigerian tech company, One Finance Limited (OneFi) has acquired Amplified Payments Ltd(Amplify), a fintech company that builds and facilitates payment solutions and digital financial transactions in Nigeria.
The acquisition fee was not disclosed. But according to an official statement sent to Nairametrics, the acquisition took effect on March 1st, 2019.
What’s in it for OneFi?: The acquisition will see OneFi take over Amplify’s assets, tradements, and flagship products; AmplifyPay and mTransfers.
- AmplifyPay is a payment gateway specialising in recurring transactions – and –
- mTransfers is a keyboard banking solution that enables consumers to conduct bill and P2P payments in any chat app.
These core products of Amplify have propelled the three-year-old startup to a market-leader in Nigeria’s financial processing space.
What happens to Amplify’s co-founders
The next chapter for Amplify’s co-founders: While Segun Adeyemi, who served as the Chief Executive Officer of Amplify before the acquisition, plans to pursue new ventures, Maxwell Obi, the CTO, will join the OneFi team to oversee the payments direction of the company.
“THE KEY FACTOR WHICH STOOD OUT IN OUR DECISION TO WORK WITH ONEFI WAS THAT WE SAW THEM AS AN EXTENSION OF OUR VISION. WE STEPPED INTO THIS INDUSTRY TO USE OUR PAYMENT SOLUTIONS TO FACILITATE A GROWING ECONOMY, AND ONEFI’S FOCUS ON FINANCIAL INCLUSION FEEDS WELL INTO THIS.
“IT’S A REAL EXAMPLE OF A COLLABORATIVE EFFORT, AND I’M EXCITED TO SEE THE NEXT CHAPTER OF OUR DEVELOPMENT.”
Why OneFi acquired Amplify
OneFi plans to transform from a digital lender to a diverse digital financial services platform, and the founder and CEO of OneFi, Chijioke Dozie said the acquisition of Amplify projects the company’s objective.
The acquisition of Amplify is the next step in the company’s journey, seeing the platform pivot to a one-stop-shop offering additional products such as savings, bill payments and credit reporting.
“TODAY’S ANNOUNCEMENT SIGNALS ONEFI’S FIRST ACQUISITION; A STRATEGIC DECISION THAT KICKS OFF OUR TRANSFORMATION FROM A DIGITAL LENDER TO A DIVERSE DIGITAL FINANCIAL SERVICES PLATFORM FOCUSED ON TRANSACTIONS, PAYMENTS AND LOANS AND WILL ENSURE WE MEET OUR AMBITIOUS GOAL OF DOUBLING OUR SIZE IN NIGERIA THIS YEAR.
“WE HAVE LONG RESPECTED THE AMPLIFY TEAM FOR THEIR ABILITY TO PROVIDE INNOVATIVE SOLUTIONS UNDER ADVERSE CONDITIONS, AND WE LOOK FORWARD TO BLENDING OUR EXPERTISE TO POWER THE FUTURE OF FINTECH INFRASTRUCTURE AND DIGITAL PAYMENTS IN AFRICA.”
About Amplified Payment Services Ltd
Amplified Payment Systems Ltd is a Lagos based financial technology company that builds next-generation payment solutions that facilitates digital financial transactions in Nigeria. The company’s client base includes GTBank, Zenith Bank, Whogohost, Credit Direct Ltd, Cloud Cover Distribution, Fidelity Bank, Sterling Bank, amongst others.
Amplify has scaled quickly to become one of Nigeria’s leading online recurring payment processors, supporting over 1,000 merchants and facilitating digital transactions for four of the country’s largest banks.
About OneFI Limited
OneFi is headquartered in Mauritius and is a global company of over 40 employees with operations in Nigeria and the United Kingdom. The Company provides small loans quickly to the financially underserved mass retail segment, via their mobile app “Paylater”, which is Nigeria’s leading digital financial services platform that specializes in consumer lending. The app empowers individuals with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management.