{"id":14697,"date":"2024-01-18T11:33:32","date_gmt":"2024-01-18T11:33:32","guid":{"rendered":"https:\/\/techandbiz.com.ng\/?p=14697"},"modified":"2024-01-18T11:33:32","modified_gmt":"2024-01-18T11:33:32","slug":"ukheshe-eft-corporation-announce-market-shifting-fintech-transaction","status":"publish","type":"post","link":"https:\/\/techandbiz.com.ng\/wp10\/2024\/01\/18\/ukheshe-eft-corporation-announce-market-shifting-fintech-transaction\/","title":{"rendered":"Ukheshe & EFT Corporation announce market shifting Fintech Transaction"},"content":{"rendered":"

\u00a0<\/strong><\/p>\n

Landmark deal positions new group for market dominance<\/em><\/p>\n

\u00a0<\/strong><\/p>\n

In a significant move for the African fintech ecosystem, Ukheshe<\/a> International<\/u> has acquired 100% of\u00a0 EFT Corporation<\/a> Limited (EFTCorp) from parent Loita Transaction Services (LXS), a pan-African payment solutions\u00a0 and financial switching provider<\/u>. This transaction follows on Ukheshe\u2019s\u00a0 2022 acquisition of Masterpass in South Africa and the closing of their funding partnership with Development Partners International (DPI) in 2023.<\/p>\n

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This is a major milestone in both companies\u2019 commitment to innovation and growth, underscoring a shared vision of transforming financial services across the continent.<\/p>\n

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Ukheshe Technologies and EFTCorp will continue to operate as separate entities and maintain their respective brand identities for the foreseeable future. The transaction sees EFTcorp\u2019s management and founding CEO Stephen Enderby remaining to drive the next phase of growth.<\/p>\n

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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\u2019s 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\u00a0 Africa and the Middle East.<\/p>\n

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Ukheshe\u2019s expertise in digital onboarding, KYC, digital wallets, and various payment channels will open new opportunities to digitise EFTCorp\u2019s traditional customers who rely on established electronic payment processing systems. The partnership ensures EFTCorp\u2019s customers will continue to engage with a trusted brand while gaining access to an expanded suite of innovative digital services through Ukheshe.<\/p>\n

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Commenting on the transaction, Ukheshe\u2019s co-founder and CEO, Clayton Hayward, says, \u201cThe 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\u00a0 the preferred banking solutions partner\u201d<\/p>\n

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The acquisition bolsters the group\u2019s aim to scale and innovate while extending a footprint across markets in Africa and beyond, ultimately delivering increased value to customers, shareholders, and partners.<\/p>\n

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EFTCorp\u2019s CEO, Stephen Enderby, says, \u201cI have been looking for a partner to help support and grow EFTCorp\u2019s 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.\u201d<\/p>\n

 <\/p>\n

James Griffiths, Partner at DPI added \u201cWe\u2019re thrilled to have supported Ukheshe in this acquisition, which underscores our confidence in Ukheshe\u2019s innovative vision, strong leadership and exciting growth potential. We\u2019re looking forward to the accelerated growth which this major milestone brings the business.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Landmark deal positions new group for market dominance \u00a0 In a significant move for the African fintech ecosystem, Ukheshe International has acquired 100% of\u00a0 EFT Corporation Limited (EFTCorp) from parent Loita Transaction Services (LXS), a pan-African payment solutions\u00a0 and financial switching provider. This transaction follows on Ukheshe\u2019s\u00a0 2022 acquisition of Masterpass in South Africa […]<\/p>\n","protected":false},"author":1,"featured_media":14698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"class_list":{"0":"post-14697","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/posts\/14697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/comments?post=14697"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/posts\/14697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/media\/14698"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/media?parent=14697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/categories?post=14697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/tags?post=14697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}