SA’s Ukheshe International Acquires EFT Corporation

South African fintech enablement partner, Ukheshe International, has acquired EFT Corporation, an Africa-focused payment and e-commerce solutions provider, from Loita Transaction Services. Both companies will continue to operate independently, maintaining their brand identities. The acquisition aims to provide EFTCorp’s customers access to an expanded suite of digital services through Ukheshe.

EFT Corporation, a 23-year-old pioneer in digital payments across 35 African markets, specialises in core switching skills and issuer processor technology. Ukheshe, known for its expertise in digital onboarding, KYC, digital wallets, and various payment channels, seeks to digitise EFTCorp’s traditional customer base relying on established electronic payment processing systems.

This acquisition follows Ukheshe’s recent moves in the market, including the 2022 acquisition of Masterpass in South Africa and a funding partnership with Development Partners International in 2023. The company’s co-founder and CEO, Clayton Hayward, sees the deal as a significant move for the African fintech ecosystem, positioning the new group for market dominance in banking solutions across the continent.