E-Financial
OneFi Acquires Amplify, Fuels Effort to Shape Nigeria’s Fintech
Amplified Payments Ltd [Amplify], a fintech company that builds and facilitates payment solutions and digital financial transactions in Nigeria, has today announced its acquisition by One Finance Limited [OneFi].
The deal, completed for an undisclosed fee, took effect as of March 1st, 2019, and sees OneFi boost its financial services offering, as the company adds Amplify’s assets, tradements and flagship products, AmplifyPay and mTransfers, to its growing portfolio.
Conceived in 2015 by co-founders Segun Adeyemi and Maxwell Obi, who first met as Entrepreneurs-in-Training at MEST Africa’s Entrepreneurial Training Program in Accra, Ghana, Amplify has scaled quickly to become one of Nigeria’s leading online recurring payment processors, supporting over 1,000 merchants and facilitating digital transactions for four of the country’s largest banks.
The company’s core products, AmplifyPay – a payment gateway specialising in recurring transactions – and mTransfers – a keyboard banking solution that enables consumers to conduct bill and P2P payments in any chat app – have propelled the three-year-old start-up to a market-leader in Nigeria’s financial processing space.
As a result of the acquisition, Amplify co-founder and CTO, Maxwell Obi, will join the OneFi team to oversee the payments direction of the company, whilst co-founder and CEO, Segun Adeyemi, will depart as he pursues new ventures. Commenting on the acquisition and his new role, Maxwell says, “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. It’s a real example of a collaborative effort, and I’m excited to see the next chapter of our development.”
Paylater, OneFi’s consumer-facing lending platform, was launched in 2016 by Nigerian finance entrepreneurs Chijioke and Ngozi Dozie, and provides hassle-free loans without the need for human intervention or bias in decision making.
Through its app, which has been downloaded over one million times, Paylater has deployed over $50M across 750,000 loans, approving over 1,500 loans a day at an average of $80 per loan. In late 2018, the company became the first African fintech platform to secure a credit rating.
The acquisition of Amplify is the next step in the company’s journey, seeing the platform pivot to a one-stop-shop offering additional products such as savings, bill payments and credit reporting.
Chijioke Dozie, OneFi Founder and CEO, adds, “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.
We have long respected the Amplify team for their ability to provide innovative solutions under adverse conditions, and we look forward to blending our expertise to power the future of fintech infrastructure and digital payments in Africa.”
Amplify also secured their first investment from MEST Africa, the Pan-African incubator, training program and seed fund, in 2016, when Adeyemi and Obi graduated from the program and the company officially launched. Amplify is the 5th MEST Africa company to be acquired and the first in the fintech space.
MEST Managing Director, Aaron Fu, concludes, “Seeing Amplify exit to such an established and well-known player in Nigeria’s fintech sector is a really significant moment in MEST Africa’s 11-year history. Watching Segun and Maxwell develop Amplify into a market leader in just three years has been thrilling to see, and we expect to see many more African tech start-ups take this route to market. Our hope is that the Amplify journey will be an inspiration to thousands of entrepreneurs in the making.”
Ecobank Nigeria has announced the successful repayment of the outstanding principal and accrued interest on its original $300 million Eurobond due February 16, 2026, marking a significant milestone in its liability management strategy and overall balance sheet strengthening efforts.
Following the full repayment of the Eurobond obligations, the Bank stated that it will now focus its funding initiatives primarily on the domestic capital markets. T
his strategic shift reflects growing confidence in Nigeria’s local debt market and aligns with Ecobank Nigeria’s long-term objective of optimising funding costs while deepening its participation in the domestic financial ecosystem.
“Going forward, Ecobank Nigeria will prioritise domestic credit ratings and local debt issuance to achieve its funding objectives,” stated Ogorchukwu Okwechime, Financial Controller, Ecobank Nigeria, in Lagos.
He added that the successful repayment reinforces the Bank’s commitment to maintaining a resilient balance sheet and sustaining investor confidence.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the US$300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria.
The transaction underscores Ecobank Nigeria’s proactive approach to liability management, prudent capital planning, and strategic alignment with evolving market conditions.
It further positions the Bank to leverage domestic funding opportunities while maintaining financial flexibility and operational stability.
Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
Theodora Amechi, bank’s divisional head, Public Relations, said the regulatory nod allows BOI to launch non-interest banking operations, targeting underserved business segments with tailored financial solutions to support Nigeria’s industrial development.
BOI stated that NIB operations will promote inclusive growth, attract ethical funding, bolster the real economy, and finance customer assets and raw materials using approved non-interest products.
“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“The Non-interest Banking operations will enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
According to the bank, under this framework, BOI will be able to finance customers’ assets and raw materials using approved Non-Interest Banking products.
Announcing this milestone, Dr Olasupo Olusi, MD/CEO, Bank of Industry, said, “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served.”
He said the approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing, adding that it will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.
“BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.
This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.
It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.
Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development,” Olusi said.
Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.
The Bank assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.
Zenith Bank Plc has cautioned the public against fraudulent videos circulating online falsely claiming that Group Chairman Dr. Jim Ovia endorses an investment scheme called “Wealth Bridge.”
Jim Ovia
In a disclaimer issued Tuesday by its management, the bank described the videos—circulated via the “Greece Island” Facebook handle—as entirely fake, doctored content bearing no connection to Dr. Ovia, the bank, or its affiliates.
The materials falsely promise up to N2 million in weekly returns for a N380,000 investment, while baselessly alleging Central Bank of Nigeria (CBN) endorsement and redirecting viewers to a sham “Arise News” webpage with a signup portal.
“Our attention has been drawn to a doctored video and still pictures currently circulating on social media, purporting to depict the Group Chairman of Zenith Bank Plc (‘the Bank’) as endorsing an investment scheme called ‘Wealth Bridge’ on the ‘Greece Island’ Facebook handle and soliciting members of the public to engage in a business relationship with the so-called entity,” the statement read.
“This claim is entirely false and has no connection whatsoever to the Group Chairman, the Bank or any of its affiliate companies.”
Zenith Bank stressed that Dr. Ovia and the institution have no knowledge of or partnership with “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” “Stock market analyst 1,” or related entities. The public was warned that dealing with these schemes carries full personal risk.
Ravenewsonline urges vigilance against rising impersonation scams targeting financial institutions.
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