Ukheshe acquires EFT Corporation

  • Ukheshe has announced a 100 percent acquisition of EFT Corporation from Loita Transaction Services.
  • While both companies will continue operating as separate entities, both will benefit from each other’s platforms and solutions.
  • This acquisition comes less than a year after Ukheshe acquired the Masterpass brand.

Back in May of last year, Ukheshe acquired Masterpass and now it’s starting the new year off with another acquisition.

That acquisition is of African fintech provider EFT Corporation (EFTCorp) from Loita Transaction Services. Ukheshe and EFTCorp will continue to operate as separate entities despite the acquisition. EFTCorp operates in 35 African markets and supports more than 100 banks and processors.

“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,” chief executive officer of EFTCorp, Stephen Enderby, said in a statement. Enderby will remain in his position to assist in the next phase of growth for EFTCorp.

Together, Ukheshe and EFTCorp are hope to expand both of their respective footprints on the African market. The goal is to ultimately deliver increased value to customers, shareholders and partners. Through the acquisition, EFTCorp will gain access to an expanded suite of digital services offered by Ukheshe.

“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,” CEO and co-founder of Ukheshe, Clayton Howard, said in a press statement.

While Ukheshe was already making waves in digital onboarding, KYC, digital wallets, and payment channels sectors, it really dialled things up in 2023. Aside from the Masterpass acquisition the company also began supporting cryptocurrency payments through its Scan to Pay platform.

The company is already starting off 2024 with an acquisition so we suspect we’ll be hearing more from the fintech firm as the year wears on.


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