In a significant move for the African fintech ecosystem, Ukheshe International has acquired 100% of EFT Corporation Limited (EFTCorp) from parent Loita Transaction Services (LXS), a pan-African payment solutions and financial switching provider.
This transaction follows on Ukheshe’s 2022 acquisition of Masterpass in South Africa and the closing of their funding partnership with Development Partners International (DPI) in 2023.
This is a major milestone in both companies’ commitment to innovation and growth, underscoring a shared vision of transforming financial services across the continent.
Ukheshe Technologies and EFTCorp will continue to operate as separate entities and maintain their respective brand identities for the foreseeable future. The transaction sees EFTcorp’s management and founding CEO Stephen Enderby remaining to drive the next phase of growth.
EFTCorp, is a 23 year old pioneer of digital payments in 35 African markets supporting over 100 banks & processors. EFTCorp is renowned for its core switching skills and issuer processor technology. Ukheshe’s offerings encompass a comprehensive range of end-to-end digital services that assist in digitising banking partners. The deal allows the wider group to access new technologies and opportunities in a diverse market, enhancing exposure to different customers, projects, and business opportunities across Africa and the Middle East.
Ukheshe’s expertise in digital onboarding, KYC, digital wallets, and various payment channels will open new opportunities to digitise EFTCorp’s traditional customers who rely on established electronic payment processing systems. The partnership ensures EFTCorp’s customers will continue to engage with a trusted brand while gaining access to an expanded suite of innovative digital services through Ukheshe.
Commenting on the transaction, Ukheshe’s co-founder and CEO, Clayton Hayward, says, “The market is ripe for consolidation and disruption, bringing together these like-minded executive teams & our great products positions us to dominate the African continent as the preferred banking solutions partner”
The acquisition bolsters the group’s aim to scale and innovate while extending a footprint across markets in Africa and beyond, ultimately delivering increased value to customers, shareholders, and partners.
EFTCorp’s CEO, Stephen Enderby, says, “I have been looking for a partner to help support and grow EFTCorp’s digital strategy. Together with Ukheshe we combine great products and extensive executive depth to achieve our growth ambitions. As a group we continue to look for complementary acquisitions and investment opportunities across the continent and Middle East.”
James Griffiths, Partner at DPI added “We’re thrilled to have supported Ukheshe in this acquisition, which underscores our confidence in Ukheshe’s innovative vision, strong leadership and exciting growth potential. We’re looking forward to the accelerated growth which this major milestone brings the business.”