Landmark deal positions new group for market dominance
In a significant move for the African fintech ecosystem, Ukheshe International has acquired 100% of EFT Corporation Limited (EFTCorp) from parent Loita Transaction Services (LXS), 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 their funding partnership with Development Partners International (DPI) in 2023.
This is a major milestone in both companies’ commitment to innovation and growth, underscoring a shared vision of transforming financial services across the continent.
Through Ukheshe Technologies and EFT Corporation's fintech transaction, 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 & processors. EFTCorp is renowned for its core switching skills and issuer processor technology. Ukheshe’s offerings encompass a comprehensive 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.
Ukheshe’s expertise in digital onboarding, KYC, digital wallets, and various payment channels will open new opportunities to digitise EFTCorp’s traditional customers who rely on established electronic payment processing systems. The partnership ensures EFTCorp’s customers will continue to engage with a trusted brand while gaining access to an expanded suite of innovative digital services through Ukheshe.
Commenting on the transaction, Ukheshe’s co-founder and CEO, Clayton Hayward, says, “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.”
The acquisition bolsters the group’s aim to scale and innovate while extending a footprint across markets in Africa and beyond, ultimately delivering increased value to customers, shareholders, and partners.
EFTCorp’s CEO, Stephen Enderby, says, “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.”
About Ukheshe International
Ukheshe International is a leading fintech enablement partner with an expanding footprint in key emerging markets globally. With a legacy in enterprise platform delivery of embedded finance, it connects businesses with payment technology that changes lives and uplifts emerging markets. Ukheshe International creates an extensive range of microservices that enable rapid digital transaction propositions for clients. Striving for transformation and innovation in the payment industry, Ukheshe International adapts and creates components that are scalable, secure and ready to deploy in market-leading digital first propositions. With roots in South Africa through its subsidiary Ukheshe Technologies, Ukheshe International is headquartered in the UK. Visit https://www.ukheshe.com/
About EFT Corporation
EFT Corporation is an Africa-focused payment and eCommerce solutions provider. We offer end-to-end payment offerings for any corporation that requires electronic payment solutions. With over 22 years of market experience, EFT Corp is an enterprise that can offer and support a variety of solutions throughout Africa. EFT Corporation currently services over 140 retail and financial clients across the continent and represents 7 industry-leading international partners.
About DPI
DPI is a private investment firm with approximately US$ 3 billion in assets under management and co-investments across three funds, targeting high-growth, impact-driven, and innovation-led companies in Africa. Its first two funds, African Development Partners I and II (ADP I and ADP II), are ranked in the top quartile for performance by Cambridge Associates. Since DPI was founded in 2007, its ADP funds have completed 28 investments in 25 companies across the continent and its portfolio companies employ over 60,000 staff, with over 25,000 jobs created during DPI’s investment.
In 2020, ADP III became the first 2X Flagship Fund, as part of the global 2X Challenge, committing to integrate a gender lens into its investment process, and reflecting DPI’s long-standing commitment to gender equity. DPI has a female co-founder and CEO, one-third of the partners are women, and 50% of the firm are women. As a signatory to the UN Principles for Responsible Investment (PRI) and the Operating Principles for Impact Management, DPI promotes high ESG and Impact standards and seeks to contribute to the UN Sustainable Development Goals.
Ukheshe and EFT Corporation's fintech transaction
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