Ukheshe International (Ukheshe), a UK-headquartered fintech enabler, has acquired 100% of EFT Corporation (EFTCorp) from Loita Transaction Services, a pan-African payment solutions and financial switching provider. 

Announcing what it described as a market-moving transaction in a release on January 19, Ukheshe said both companies will continue operating as separate entities with EFTCorp management and founding chief executive officer Stephen Enderby remaining to drive the next phase of growth.

Ukheshe’s co-founder and chief executive officer, Clayton Hayward, said:

“The market is ripe for consolidation and disruption, bringing together these like-minded executive teams and our great products positions us to dominate the African continent as the preferred banking solutions partner.”

The transaction follows Ukheshe’s 2022 acquisition of Masterpass in South Africa and the closing of their funding partnership with Development Partners International (DPI) in 2023.

EFTCorp is a 23-year-old pioneer of digital payments in 35 African markets supporting over 100 banks and processors. It has core switching skills and issuer processor technology. Ukheshe offers 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.

Ukheshe said its expertise in digital onboarding, know-your-customer, 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.

Enderby commented:

“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.”

James Griffiths, partner at DPI said the firm was happy to have supported Ukheshe in acquiring EFTCorp.