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South African Fintech Ukheshe Acquires EFTCorp

Ukheshe International, a South African fintech enablement partner and EFT Corporation (EFTCorp) will continue to operate as separate entities and maintain their respective brand identities after the acquisition.

South African Fintech Ukheshe Acquires EFTCorp

Ukheshe International, a South African fintech enablement partner, has acquired 100% of Africa-focused payment and e-commerce solutions provider EFT Corporation (EFTCorp) from its parent Loita Transaction Services (LXS).

The deal underscores a shared vision of the two companies for transforming financial services across the continent.

EFTCorp is well-known for its core switching skills and issuer processor technology. The firm offers end-to-end payment offerings to corporations in need of electronic payment solutions. It has a 23-year experience in digital payments, operating in 35 African markets and supporting over 100 banks and processors. The two firms assure that EFTCorp’s customers will continue to engage with a trusted brand while also enjoying access to an expanded suite of innovative digital services through Ukheshe.

Ukheshe services range from digital onboarding and KYC to digital wallets, and various payment channels support. Therefore, EFTCorp’s traditional customers who rely on established electronic payment processing systems will get more opportunities to digitise their operations with new technologies.

“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.”

Stephen Enderby, EFTCorp’s CEO

Ukheshe Technologies was founded in 2018 as an SMME-focused digital platform, aiming to address financial inclusion issues within South Africa. Its offerings later expanded with Eclipse API – an API-First, cloud-native SaaS platform.

The platform hosts solutions that cover Digital Onboarding, Issuing, Acquiring, Digital Wallets and Cross-Border Remittances. These services help banks, fintechs, telcos and other businesses manage partner integrations and scale their own offerings.

Ukheshe solutions are available to customers through multiple channels such as Whatsapp, existing apps, web and USSD, etc., within a cloud-based PCI-compliant environment.

The South African fintech enablement firm has reached a row of market deals lately. In 2022, Ukheshe acquired Masterpass, Mastercard’s QR code payments service, in South Africa, and struck a funding partnership with Development Partners International (DPI) in 2023.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.