EFTCorp is acquired by fintech company Ukheshe

Fintech company Ukheshe International has acquired digital payments firm EFT Corporation (EFTCorp) in its entirety from parent entity Loita Transaction Services. This move comes on the heels of Ukheshe’s 2022 acquisition of Masterpass in South Africa and its 2023 funding agreement with Development Partners International.

According to a statement, this latest purchase significantly underscores both entities’ shared commitment to transforming financial services across Africa through innovation and growth.

EFTCorp, a two-decade-old firm, services over 100 banking and processing clients across 35 African markets. For the time being, both Ukheshe International and EFTCorp will continue to operate as independent entities while maintaining their distinctive brand identities.

The deal ensures that EFTCorp’s management and founding CEO, Stephen Enderby, remain onboard to push the company’s next phase of expansion.

Ukheshe International’s CEO and co-founder, Clayton Hayward, says the acquisition of EFTCorp will bolster the company’s ambitions to scale and innovate, extending its reach across African markets and beyond. He believes this alliance places them in prime position to become the preferred banking solutions partner throughout Africa, given the market’s readiness for consolidation and disruption.

Ukheshe International, based in the UK with South African subsidiary Ukheshe Technologies, offers a variety of end-to-end digital services that assist banking partners in their digitisation efforts. They foresee this expertise will pave the way to digitise EFTCorp’s traditional clientele, who largely depend on established electronic payment processing systems.

EFTCorp’s CEO, Stephen Enderby, says they were seeking a partner to support and grow their digital strategy. He believes this combined effort unifies their products and enhances their executive structure, allowing them to realise their growth ambitions.

Enderby adds that they will continue scouting for complementary acquisitions and investment prospects across Africa and the Middle East.