Nigerian fintech startup Amplify to launch social banking solution


Nigerian online payments startup Amplify is partnering leading local banks to launch mTransfers, a social banking solution that lets customers transfer funds and perform other banking services via WhatsApp, Facebook Messenger and other social messaging platforms.

Disrupt Africa reported last year on the launch of Amplify, which helps businesses accept recurring payments online within minutes from customers in over 100 countries.

The startup is now expanding its payment solutions with the launch of mTransfers, which will be released in beta before the end of the year. It will allow banks to connect and engage with a growing, younger customer base by opening up social channels and giving consumers another convenient avenue for instant, secure transactions.

“Social and messaging apps are six of the 10 most popular mobile applications across platforms in Africa. We believe that vibrant and digitally savvy consumers want financial services to meet them where they are, in the channels and platforms they use,” said Segun Adeyemi, Amplify’s chief executive officer (CEO).

“We have built mTransfers to empower banks and other financial institutions to blend their payment process into the everyday lives of their customers and provide an engaging user experience for them,” said Maxwell Obi, the startup’s chief technology officer.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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