OneFi Acquires Amplify, Set For Digital Banking

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.

The acquisition took effect on March 1st, 2019. The acquisition will see OneFi take over Amplify’s assets, trade mark, 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.

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.

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.