Nigerian consumer lending platform One Finance (OneFi) has acquired local payments firm Amplified Payments (Amplify).
In addition, financial terms of the transaction were not revealed.
Founded by Segun Adeyemi and Maxwell Obi, Amplify currently has a merchant base of over 1,000.
Its flagship offerings include AmplifyPay and mTransfers.
While AmplifyPay serves as a payment gateway for recurring transactions, mTransfers facilitates bill and P2P payments in a chat app.
Under the agreement, the assets and tradements of Amplify along with AmplifyPay and mTransfers were transferred to OneFi.
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As part of the deal, Obi will also move to OneFi with responsibility for managing the firm’s payments direction.
“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,” Obi noted.
Meanwhile, Adeyemi will exit to pursue new opportunities.
OneFi founder and CEO Chijioke Dozie said: “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.”