Lagos-based fintech company, Amplify Pay, is set to release a new payment solution called mTransfers.
The solution will enable users transfer funds and perform other banking services via Whatsapp, Facebook Messenger, Instagram, Blackberry Messenger, Twitter and other social media platforms without leaving the platform or switching apps.
“Social and messaging app are 6 of the 10 most popular 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,” says Segun Adeyemi, Amplify CEO.
In a statement released to BusinessDay, Amplify noted that the emergence of fintechs have engendered drive for innovations among traditional financial institutions.
“Ecobank, First Bank, Diamon and Fidelity Banks are some of the banks that have demonstrated their desire to drive financial inclusion and make their customers’ day-to-day life simpler with the recent introduction of mVisa in partnership with Interswitch and Visa. Other noteworthy bank solutions include GTBank’s *737#, Wema Bank’s ALAT, and now m-Transfers,” the statement noted.
With m-Transfers, banks are able to connect and engage with growing, younger customer demography. M-Transfers integration as a payment option on social media enables banks position as innovation drivers and gives customers a convenient way for instant, secure transactions.
“We have built m-Transfers to empower banks and other financial institutions to blend their payment process into everyday lives of their customers and provide an engaging user experience for them,” said Maxwell Obi, Chief Technology Officer of Amplify.
Facebook recently reported that it now had 2.07 billion monthly active users from the third quarter, which represents about 16 percent increase year-on-year. Also 1.37 billion people on average log onto Facebook daily and considered daily active users.
At a workshop in Lagos, Facebook representatives in Nigeria revealed that the company now has over 23 million monthly active users in Nigeria. Amplify believes that enabling users perform financial transactions on platforms where they spend large amount of time is a logical next step for banks.
In a chat with BusinessDay, Adeyemi explained that to use m-Transfers once it is launched, a user only need to get on any of the social media platforms.
“It’s essentially an extra button similar to the emoji button on your keyboard. Once you click it, it enables payments on any social messaging platform,” he said.