Financial technology company Ukheshe International has acquired 100% of EFT Corporation (EFTCorp) in what Ukheshe describes as a milestone in both companies’ commitment to innovation and growth.

The transaction also underscores a shared vision of transforming financial services across the continent.

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’s management and founding CEO Stephen Enderby remaining to drive the next phase of growth, the companies said in a statement on January 19.

This transaction follows on Ukheshe’s 2022 acquisition of Masterpass in South Africa, and the closing of its funding partnership with private equity firm Development Partners International (DPI) in 2023, which also supported this acquisition.

EFTCorp is a 23-year-old digital payments company present in 35 African markets supporting more than 100 banks and processors. It is renowned for its core switching skills and issuer processor technology. Ukheshe’s 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 Africa and the Middle East, they said.

Further, Ukheshe’s expertise in digital onboarding, KYC, digital wallets, and various payment channels will open new opportunities to digitise EFTCorp’s traditional customers who rely on established electronic payment processing systems.

The partnership ensures EFTCorp’s customers will continue to engage with a trusted brand while gaining access to an expanded suite of innovative digital services through Ukheshe, it said.

“The market is ripe for consolidation and disruption, bringing together these like-minded executive teams and our products position us to dominate the African continent as the preferred banking solutions partner,” said Ukheshe co-founder and CEO Clayton Hayward.

Specifically, the acquisition bolsters the group’s aim to scale and innovate while extending a footprint across markets in Africa and beyond to deliver increased value to customers, shareholders and partners.

“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,” noted Enderby.

“We are thrilled to have supported Ukheshe in this acquisition, which underscores our confidence in Ukheshe’s innovative vision, strong leadership and exciting growth potential. We’re looking forward to the accelerated growth which this major milestone brings the business,” said DPI partner James Griffiths.