The transaction follows on Ukheshe’s 2022 acquisition of Masterpass in SA and the closing of the company’s funding deal with private equity firm Development Partners International in 2023.
According to a statement, the latest acquisition is a major milestone in both companies’ commitment to innovation and growth, underscoring a shared vision of transforming financial services across the continent.
EFTCorp, is a 23-year-old digital payments firm that operates in 35 African markets supporting over 100 banks and processors. It services retail and financial clients across the continent and represents seven industry leading international partners.
Ukheshe International 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 in the company to drive the next phase of growth.
Ukheshe’s co-founder and CEO, Clayton Hayward, says the acquisition will boost the company’s ambitions to scale and innovate, while extending its footprint across markets in Africa and beyond.
“The market is ripe for consolidation and disruption; bringing together these like-minded executive teams and our products positions us to dominate the African continent as the preferred banking solutions partner,” notes Hayward.
Ukheshe International is headquartered in the UK, with roots in SA through its subsidiary Ukheshe Technologies.
The company’s offerings encompass a range of end-to-end digital services that assist in digitising banking partners.
Its expertise in digital on-boarding, 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, it says.
Enderby, adds: “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.”