May 19, 2020

OneFi set to purchase Nigeria’s Amplify

Nigeria
OneFi
Amplify
Hasit Patel
1 min
OneFi set to purchase Nigeria’s Amplify

The Lagos-based online banking startup, OneFi, is acquiring the Nigerian payment solutions firm, Amplify, for an undisclosed fee, according to Tech Crunch.

According to OneFi CEO, Chijioke Dozie, the deal will see OneFi take over Amplify’s IP, team and client network with more than 1000 merchants, with Amplify set to provide payment processing services.

The acquisition of Amplify is the latest in a series of deals by the Nigerian company after it completed a $5mn lending facility from Lendable and became one of the first African startups to be awarded a global credit rating.

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Dozie commented: “We’re not a bank but we’re offering more banking services. Customers are now coming to us not just for loans but for cheaper funds transfer, more convenient bill payment, and to know their credit scores.”

It is expected that OneFi will add payment options for its clients on social media apps such as WhatsApp, this quarter.

The moves come as OneFi looks to move away from operating as a digital bank and more towards becoming an online consumer finance platform.

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