DPI-backed Ukheshe acquires fintech company EFTCorp
In a significant move for the African fintech ecosystem, Ukheshe has acquired 100% of EFT Corporation.
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In a significant move for the African fintech ecosystem, Ukheshe has acquired 100% of EFT Corporation (EFTCorp) from parent Loita Transaction Services, a pan-African payment solutions and financial switching provider. This fintech transaction follows on Ukheshe’s 2022 acquisition of Masterpass in South Africa and the closing of its funding partnership with Development Partners International (DPI) in 2023.
The businesses will continue to operate as separate entities and maintain their respective brand identities for the foreseeable future. This 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 and processors. EFTCorp is renowned for its core switching solutions and issuer processor technology. Ukheshe’s offerings encompass a 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.
Commenting on the transaction, Ukheshe’s co-founder and CEO, Clayton Hayward, said, “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.”
EFTCorp’s CEO, Stephen Enderby commented, “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.”
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