Banking-as-a-Service (BaaS) and Embedded Finance enabler Ukheshe has acquired EFTCorp to expand its fintech presence in Africa.
EFT Corporation (EFTCorp) is a fintech provider based in Africa, purchased from Loita Transaction Services. According to htxt.co.za, despite the acquisition, Ukheshe and EFTCorp will maintain separate operational identities. EFTCorp is active in 35 African markets at the time of writing, providing support to over 100 banks and processors.
EFTCorp's officials expressed their intention to find a partner to support and advance the company's digital strategy. The collaboration with Ukheshe is aimed at leveraging their combined strengths to achieve growth ambitions. Both entities, Ukheshe and EFTCorp, aim to expand their presence in the African market with the ultimate goal of delivering enhanced value to customers, shareholders, and partners. Through this acquisition, EFTCorp will gain access to an extended suite of digital services provided by Ukheshe.
Ukheshe representatives highlighted the strategic positioning of the two companies, emphasising their shared executive vision and strong product offerings. The consolidation is seen as a strategic move to dominate the African continent as the preferred banking solutions partner.
Ukheshe, already active in digital onboarding, Know Your Customer (KYC), digital wallets, and payment channels, notably improved its presence in 2023. Aside from acquiring Masterpass, the company expanded its services to include support for cryptocurrency payments through its Scan to Pay platform.
In August 2023, Ukheshe announced a partnership with Diamond Trust Bank (DTB) to provide a BaaS platform in East Africa. At the time, officials from Ukheshe Africa revealed that the company was looking forward to partnering with DTB as a progressive bank with a common vision for BaaS, as it was on the lookout for for a banking partner in the region. As DTB aimed to be a tech company with a banking licence, the companies' collaboration enabled the enterprise to launch innovative ventures within the East African market.
In June 2022, Ukheshe launched its first Tap-to-Pay phone payment solution that didn’t require certifications. Specifically, Ukheshe revealed a quick and simple process for merchants and service providers to accept tap-on-phone payments by allowing any near-field communication NFC enabled Android device to accept these transactions. The novelty was that merchants didn’t require any app approvals or previous certifications.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now