As ripples of disruption continue to reshape the African fintech landscape, Ukheshe International has made a bold move – acquiring 100% ownership of EFT Corporation Limited (EFTCorp) from Loita Transaction Services (LXS). This landmark deal comes hot on the heels of Ukheshe's 2022 Masterpass acquisition in South Africa and a 2023 funding partnership with Development Partners International (DPI), solidifying its position as a key player in continent-wide digital transformation.
Beyond mere acquisition, this merger marks a strategic symbiosis. Ukheshe, a powerhouse in end-to-end digital banking solutions, and EFTCorp, a 23-year veteran pioneering digital payments across 35 African markets, are joining forces to deliver unparalleled innovation and service. Both companies will retain their respected brand identities, leveraging their unique strengths to create a formidable force in the fintech arena.
EFTCorp boasts a stellar reputation for its core switching skills and issuer processor technologies, supporting over 100 banks and processors across the continent. Ukheshe brings its expertise in digital onboarding, KYC, digital wallets, and diverse payment channels, offering a comprehensive value proposition for banks seeking to digitize their offerings.
This strategic consolidation unlocks new possibilities for both companies. Ukheshe gains access to EFTCorp's extensive network and robust technologies, expanding its reach across Africa and the Middle East. Meanwhile, EFTCorp's customers can expect a seamless transition to a wider spectrum of cutting-edge fintech solutions, retaining the comfort of a trusted brand while embarking on a digital transformation journey.
Clayton Hayward, Co-founder and CEO of Ukheshe, exudes unwavering confidence: "The market is ripe for disruption, and this merger brings together two visionary teams and our market-leading products. We are poised to dominate the African continent as the preferred banking solutions partner."
This move isn't merely about expansion; it aligns perfectly with Ukheshe's strategic goals of scaling, innovating, and extending its footprint across the African continent and beyond. The acquisition promises increased value for customers, shareholders, and partners alike.
EFTCorp CEO, Stephen Enderby, echoes the sentiment: "Together with Ukheshe, we combine great products and extensive executive depth to achieve our audacious growth ambitions. As a united force, we remain vigilant in seeking further acquisitions and investment opportunities across the continent and the Middle East."
James Griffiths, Partner at DPI, expresses unwavering support for Ukheshe: "We are thrilled to back Ukheshe in this transformational acquisition. Their innovative vision, strong leadership, and exciting growth potential are truly inspiring."
Ukheshe International, a global leader in embedded finance, and EFT Corporation, a trailblazer in payment solutions, have come together to forge a new path in African fintech. This momentous consolidation is not just a win for both companies, but a catalyst for broader transformation across the continent, paving the way for a future where innovation and collaboration empower financial inclusion and economic growth.
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