Nigeria’s Amplified Payment System Joins Dubai-based FinTech HIVE 2018 Accelerator Program

A Nigerian company, Amplified Payment System has been selected to participate in the 2018 FinTech Hive accelerator programme. The Lagos-based company joins a pool of 22 innovative FinTechs for the three-month programme in Dubai.

We would like to officially welcome all The Finalists to the #FinTechHive 2018 Programme. Stay tuned for more info! pic.twitter.com/G2tWgzklvX

— DIFC Fintech Hive (@FinTechHiveDIFC) September 6, 2018

Based in Dubai, FinTech HIVE is owned by Dubai International Finance Centre (DIFC) in partnership with Accenture. The accelerator is a platform for innovative financial services startups to develop their ideas. The program provides an opportunity for them to test, develop and adapt their solutions to meet the evolving conditions of the real world.

The finalists for the 2018 edition of the accelerator program were announced last week. From a pool of over 300 applicants, only 22 startups made it into the program. Also, compared to the previous year, the 2018 cohorts is larger and more diversified.

Cohorts, this time, are drawn from a wide array of subsectors in the finance industry. These include regular FinTech services, InsurTech, RegTech, and Islamic FinTech. And only 50% of the cohorts are regular FinTechs.

Welcome Day is finally here! We cannot wait to meet the finalists of the 2018 #FinTechHive Programme. pic.twitter.com/fKzqLzM0ez

— DIFC Fintech Hive (@FinTechHiveDIFC) September 4, 2018

“The extraordinary quality and overwhelming quantity of proposals we received this year is a testament to the growing interest in FinTech Hive,” says Raja Al Mazrouei, Executive Vice President of FinTech HIVE.

As the region’s FinTech industry continues to provide unique solutions that address the evolving needs, we are committed to providing the FinTech[s] space, an international network of strategic partners and well-established financial institutions looking for innovative solutions to their everyday challenges.

Nigeria’s Amplified Payment System Goes Global

Nigeria’s Amplified Payments System was the only startup from Sub-Saharan Africa among the finalists.

Founded in 2015 by Segun Adeyemi, the FinTech develops technology for recurrent payments and subscription-based payments. It seeks to automate recurring type transactions that currently happen via cash, bank transfers, standing order, and postdated cheques. The market is huge; valued at about $32 billion in Nigeria alone.

@amplifypay mtransfers is live on @fidelitybankplc as #Flashkey putting financial services on the fingertips of customers. Money conversations happen regularly via social messaging, its only natural to meet customers where they spend the most time… #socialbanking #bankwithstyle pic.twitter.com/oBbw8jh1n4

— Maxwell Obi (@obi_maxwell) July 17, 2018

Its entry into the FinTech HIVE programme is a huge plus to its growth. For one thing, the startup gains access to new sources of finance and mentoring via the three months program.

But importantly, the company gets access to a broad range of Middle Eastern contacts, something that is usually hard to come by due to the distinct financial systems model the region has.