OneFi, the Nigeria – based company helping customers secure loans from their mobile devices, just acquired another fin-tech company, Amplify.
Amplify provides online payment solutions, giving customers a “bank secure” way to complete, accept and manage digital transactions. Users fill in their debit or credit card information into Amplify. Then — once the transaction is complete — customers and businesses receive notification of the payment. After, the payment is sent to the business’ corporate bank accounts.
Amplify is set to be a major player as OneFi looks to rev up its financial product offerings. The company currently has PayLater, an app that lets users take out loans, budget and invest all in one place.
“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,” OneFi CEO Chijioke Dozie told TechCrunch.
OneFi has also partnered with Visa to offer virtual wallets, and it is building out a payment tool that will let social media users send and receive payments through apps like WhatsApp, according to TechCrunch.
As more companies tackle financial inclusion in Africa — Nigeria is becoming a hotspot for fintech startups, and OneFi’s recent move highlights founders’ strategic moves in the space. In February, TeamApt, a platform helping facilitate transactions with Nigeria’s largest banks, secured $5 million in funding for expansion.