Fresh from securing a $5 million loan from top lending startup Lendable, one of Nigeria’s top FinTech companies OneFi has sealed the acquisition of
Amplified Payment System Ltd (Amplify).

There are no details of the amount paid.

In a statement via its twitter account, OneFi said it was excited to have the new team on board to help “scale its innovative technology across various markets.”

Why the Acquisition?

Giving more reasons, Chijioke Dozie, CEO of OneFi, said the aim of the acquisition was to broaden his company’s services across Nigeria’s financially excluded market.

Reactions

Experts say this move represent a pivot for OneFi away from operating primarily as a digital lender, toward becoming an online consumer finance platform.

They also insisted that more In-country purchases of startups would ensure the FinTech industry remains globally competitive.

Amplify is considered a pioneer startup in Nigeria’s burgeoning FinTech industry because through its mTransfers solution, it pioneered social payments across the country.

Unlike other payment solutions, Amplify has stuck to paying customers via social media channels.

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