South African fintech company, Ukheshe, has announced the acquisition of EFT Corporation Limited (EFTCorp), obtaining full ownership from its parent company, Loita Transaction Services (LXS).
Loita Transaction Services is a pan-African provider of payment solutions and financial switching services. This strategic move by Ukheshe comes on the heels of its 2022 acquisition of MasterPass in South Africa and the successful conclusion of a funding partnership with Development Partners International (DPI) in 2023.
According to a press release, the two businesses will continue to function independently, preserving their distinct identities for the foreseeable future. In this arrangement, EFT Corporation’s management, including its founding CEO, Stephen Enderby, will remain in place to lead the next phase of growth for the company.
EFT Corporation, with 23 years of experience, has been a trailblazer in digital payments across 35 African markets, providing support to more than 100 banks and processors. EFTCorp is widely recognized for its expertise in core switching and issuer processor technology.
On the other hand, Ukheshe offers a comprehensive suite of end-to-end digital services aimed at facilitating the digitization of its banking partners. According to Ukheshe, the completion of this deal enables the broader group to tap into new technologies and prospects within a diverse market, thereby expanding its reach to various customers, projects, and business opportunities across Africa and the Middle East.
According to Ukheshe, its proficiency in:
- Digital onboarding
- Know Your Customer (KYC) processes
- Digital wallets, and
- Diverse payment channels
presents fresh opportunities to transform EFTCorp’s traditional customer base, which has traditionally depended on established electronic payment processing systems. This expertise from Ukheshe provides avenues for modernizing and digitizing the payment experience for EFTCorp’s clientele.
“The market is ripe for consolidation and disruption, bringing together these like-minded executive teams & our great products positions us to dominate the African continent as the preferred banking solutions partner,” said Ukheshe’s Co-Founder and CEO, Clayton Hayward.
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