PriyaPatelTLDR:
- Fintech firm Ukheshe International has acquired EFT Corporation (EFTCorp) from parent company Loita Transaction Services.
- EFTCorp is a 23-year-old digital payments firm that operates in 35 African markets and supports over 100 banks and processors.
- Ukheshe will continue to operate separately from EFTCorp, but the acquisition will boost Ukheshe’s ambitions to scale and innovate, while expanding its footprint across Africa.
Fintech firm Ukheshe International has acquired EFT Corporation (EFTCorp) from parent company Loita Transaction Services, a pan-African payment solutions provider. This follows Ukheshe’s previous acquisition of Masterpass in South Africa in 2022 and its funding deal with private equity firm Development Partners International in 2023. The acquisition of EFTCorp is seen as a significant milestone in both companies’ commitment to innovation and growth in the financial services sector in Africa. EFTCorp is a 23-year-old digital payments firm that operates in 35 African markets and provides services to over 100 banks and processors. It works with retail and financial clients across the continent and represents seven international partners.
The announcement states that Ukheshe International and EFTCorp will continue to operate as separate entities and maintain their respective brand identities for the time being. EFTCorp’s management and founding CEO, Stephen Enderby, will remain in the company to drive its next phase of growth. Ukheshe’s co-founder and CEO, Clayton Hayward, believes that the acquisition will enhance the company’s ability to scale, innovate, and expand its presence in African markets and beyond. Hayward notes that bringing together the executive teams and products of both companies positions them to dominate the African continent as the preferred banking solutions partner.
Ukheshe International, headquartered in the UK with a subsidiary in South Africa, offers a range of end-to-end digital services that assist in digitizing banking partners. Its expertise in digital on-boarding, KYC, digital wallets, and various payment channels will provide new opportunities to digitize EFTCorp’s traditional customers who rely on established electronic payment processing systems. EFTCorp’s CEO, Stephen Enderby, explains that he has been seeking a partner to support and grow the company’s digital strategy, and partnering with Ukheshe enables them to combine great products and extensive executive depth to achieve their growth ambitions. The companies also intend to seek complementary acquisitions and investment opportunities across Africa and the Middle East.
The acquisition of EFTCorp by Ukheshe International demonstrates the continued growth and consolidation within the fintech sector in Africa. The deal provides Ukheshe with access to EFTCorp’s extensive network and client base, while EFTCorp benefits from Ukheshe’s expertise and resources in digital banking solutions. As both companies operate separately, their respective brand identities remain intact for now, but the acquisition positions Ukheshe as a dominant player in the African banking solutions market.
