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OneFi, Nigeria’s Fintech Startup has Acquired Payment Company Amplify

OneFi, a Lagos based online lending startup is buying the Nigerian payment solutions company Amplify. The amount remained undisclosed.

OneFi CEO Chijioke Dozie has told TechCrunch that OneFi will be taking over the Amplify’s IP, client base of more than 1000 merchants and the team. The move has taken place as fintech has evolved as one of Africa’s most active startup acquisition and investment sector. This indeed is a rare situation, and it is picking up across the entire continent.

OneFi

Over the last seven months, OneFi was able to achieve some notable remarks like being the first known African startup that has received a global credit rating, the first Nigerian Venture that secured an amount of $5 million lending facility from a leading company lendable, and the company has also announced their partnership with Visa. OneFi is about to drop their signature product named Pay later which will go with the name OneFi as of now.

These moves collectively are an indication that OneFi isn’t planning to be a digital lender only and the company is making moves to become an online consumer finance platform. Dozie has said that we are not a bank, but we are offering so many banking services. The customers are coming to us not only for loans but also to transfer the funds at lower transaction prices, to know credit scores and for convenient bill payments.

OneFi will add payment options for clients on social media platforms like Whatsapp from this quarter and Amplify specialized in this arena. AS the company is partnered with Visa, it offers virtual Visa wallets to clients on their mobile phones enabling the QR payment option at supermarkets, public transportation and across various POS points in Nigeria. OneFi is trying to gain a grip in the banking sector by acquiring Amplify. 

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Tim Fedrick

As an IT professional, Tim Fedrick has proficiency in IT networking, administration, and security. He enjoys work that brings challenges on the table where he can efficiently apply his problem-solving skills to prove his talent and to learn something new in a different direction. Tim is also a bibliophile who prefers to read books based on technology and sci-fi genre.

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