In a significant development for the African fintech landscape, Ukheshe International has successfully acquired 100% ownership of EFT Corporation Limited (EFTCorp) from its parent company, Loita Transaction Services (LXS). This strategic move follows Ukheshe’s noteworthy 2022 acquisition of Masterpass in South Africa and the closure of a funding partnership with Development Partners International (DPI) in 2023.
The acquisition marks a major milestone for both Ukheshe and EFTCorp, demonstrating their shared commitment to innovation and growth in transforming financial services across the African continent. Both companies will continue to operate independently under their respective brand identities, maintaining a focus on their unique strengths and expertise.
EFTCorp, a pioneering force in digital payments with 23 years of experience, operates in 35 African markets, supporting over 100 banks and processors. The company is renowned for its core switching skills and issuer processor technology. Ukheshe, on the other hand, offers a comprehensive range of end-to-end digital services aimed at digitizing banking partners.
The deal positions Ukheshe to access new technologies and opportunities in a diverse market, expanding its reach across Africa and the Middle East. EFTCorp’s management, including its founding CEO Stephen Enderby, will continue to lead the company in the next phase of growth.
Ukheshe’s expertise in digital onboarding, KYC, digital wallets, and various payment channels will present new opportunities to digitize EFTCorp’s traditional customer base, providing them with an expanded suite of innovative digital services. This collaboration ensures EFTCorp’s customers will continue to engage with a trusted brand while gaining access to cutting-edge fintech solutions.
Clayton Hayward, Co-founder and CEO of Ukheshe, expressed his enthusiasm about the consolidation, stating, “The market is ripe for consolidation and disruption, bringing together these like-minded executive teams and our great products positions us to dominate the African continent as the preferred banking solutions partner.”
The acquisition aligns with the group’s strategic goals of scaling and innovating while extending its footprint across markets in Africa and beyond. This move is expected to deliver increased value to customers, shareholders, and partners.
EFTCorp’s CEO, Stephen Enderby, shared his perspective on the partnership, saying, “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 the Middle East.”
James Griffiths, Partner at DPI, expressed his excitement about supporting Ukheshe in this acquisition, emphasizing confidence in Ukheshe’s innovative vision, strong leadership, and exciting growth potential.
Ukheshe International, a leading fintech enablement partner with a global footprint, specializes in enterprise platform delivery of embedded finance. The company strives for transformation and innovation in the payment industry, creating scalable and secure components ready for deployment in market-leading digital-first propositions.
EFT Corporation, with over 22 years of market experience, is a focused payment and eCommerce solutions provider catering to corporations requiring electronic payment solutions. With a robust presence across Africa, EFT Corp services over 140 retail and financial clients and represents seven industry-leading international partners.
Ukheshe EFT Corporation Ukheshe EFT Corporation
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.