Paul Selibas appointed as EFTCorp’s Chief Product Officer to drive future-focused payment products
Africa’s digital payment ecosystem is growing rapidly, making innovative and scalable financial products essential for sustained growth.
But more doesn’t necessarily mean better, says Paul Selibas, newly appointed Chief Product Officer at EFT Corporation (EFTCorp). “Innovation is not just about building more products – it’s about solving real customer challenges and making payments more seamless, scalable, and accessible.”
Financial inclusion is a critical driver of economic growth across Africa, while 33% of adults in Sub-Saharan Africa have a mobile money account (compared to just 10% globally), more than half the population remains unbanked or underbanked, highlighting the necessity for products that promote financial inclusion and cater to the unique needs of African consumers.
With that in mind, Selibas plans to ensure that EFTCorp remains focused on its core product offerings while also driving innovation. “That means positioning EFTCorp’s products in a way that truly serves customers’ needs, balancing product focus with expansion.”
EFTCorp’s product strategy is built on four key pillars, all foundational to payments and financial services: Banking-as-a-Service (BaaS), acquiring, issuing, and payment orchestration. While one pillar might sometimes require more focus, all four are essential and will remain so, says Selibas. “Acquiring is currently gaining significant traction in the market, for example. However, acquiring alone is ineffective without issuing, which is why EFTCorp ensures both are supported together, enabling a comprehensive payment ecosystem. Unlike many fintechs focusing on individual products, EFTCorp is a full-suite payments solutions provider, offering end-to-end solutions through a modular approach. This allows clients to customise EFTCorp’s product offerings based on their needs rather than being locked into a single system.”
What truly sets the company apart, however, is its focus on further tailoring these solutions to regional requirements. “No-one understands a market better than its customers, so we work closely with our clients to ensure our products meet regulatory requirements and are customised to local needs. The key to this approach is maintaining a constant feedback loop with our clients and then using that ongoing communication for adaptation.
“This collaboration ensures we deliver relevant and effective solutions that solve real problems – not only in the broader African context, but down to the regional level. It means our product strategy consistently aligns with key challenges and opportunities in Africa, addressing issues like financial literacy, seamless and safe transacting, fragmented payment systems, and the high cost of infrastructure upgrades in traditional banking.”
EFTCorp also ensures that its products support financial inclusion by being price-sensitive and market-relevant. “Bringing high-cost systems into African markets is, quite simply, ineffective,” explains Selibas. “To be both accessible and impactful, solutions must consider socio-economic factors and local challenges. We aim to bridge the gap between legacy banking infrastructure and next-generation digital payment solutions, empowering financial institutions with scalable, seamless, and customer-centric products. These next-generation banking solutions also lower barriers to entry for underserved communities, allowing small businesses and merchants to integrate with digital payment systems effortlessly.”
With such a deep understanding of market-specific challenges, Selibas’ leadership will ensure that EFTCorp maintains its position as a trusted partner that builds for modern banking, developing tailored payment solutions for customers across Africa and accelerating the adoption of digital payments in emerging markets such as the DRC, Ethiopia, Kenya, Ghana, and broader East and West Africa. This includes driving growth in high-growth sectors such as e-commerce, merchant acquiring, card issuing and mobile transactions.
His strategy is to focus on tailoring his products by ensuring we have the best team so that innovation and customer needs are at the heart of what drives the company’s growth. “The ultimate goal is to help steer EFTCorp on its path to becoming the dominant payment enabler on the continent – not only leading the payments space but also empowering financial institutions and businesses to scale faster and smarter, and together, contributing meaningfully to Africa’s economy.”
