Fintech
Ukheshe changes name to EFT Corporation to promote fintech innovation in Africa
Ukheshe has announced its official rebranding to EFT Corporation. This move consolidates Ukheshe’s pioneering digital solutions with EFT Corporation’s vast reach and expertise under one unified brand, positioning it as a leading catalyst for financial inclusion in Africa.
The rebranding of Ukheshe to EFT Corporation follows Ukheshe’s acquisition of EFT Corporation in January 2024, the first major milestone in both companies’ shared vision of transforming financial services across the continent. The move from Ukheshe to EFTCorp marks the next phase in strengthening the combined entity’s knowledge and resources, enhancing the company’s ability to offer innovative payment solutions to a broader market. Following the acquisition, the company strengthened its technological capabilities, cementing its position as a formidable player in the fintech sector.
Under EFTCorp, the company maintains Ukheshe’s rich history of innovation, which began with its mission to bring electronic payments to people without bank accounts. Since its inception, Ukheshe has integrated numerous fintechs and major brands, proudly introducing Africa’s first virtual card for WhatsApp transactions, enabling Telkom Pay’s digital payments wallet alongside the development of their commerce solution, Telkom mPOS, a POS solution mobile for small businesses. In 2020, Ukheshe strategically acquired Oltio, the developer behind Masterpass, to democratize digital payments for micro-merchants, evolving the brand to Scan to Pay in 2023. Ukheshe has also provided market-leading solutions for the likes of Diamond Trust Bank (DTB) with an innovative BaaS platform and MTN with a cross-border money transfer solution that allows users to send money across Africa.
Additionally, Ukheshe’s proprietary Eclipse API platform has been a game changer in the fintech industry, enabling the development and growth of financial services offerings in Africa and the Middle East. Eclipse exemplifies how Banking-as-a-Service (BaaS) can serve as a mechanism to bridge the financial inclusion gap by offering businesses innovative ways to seamlessly integrate financial services.
The transition from the deep orange of Ukheshe to the consolidated blue of EFT Corporation is the symbol of trust, stability and forward-thinking innovation. This color change reflects the company’s commitment to creating a safe and reliable financial ecosystem. The merged entity will continue to operate under the name EFT Corporation Limited.
With the rebranding, EFT Corporation is set to strengthen its market presence and reaffirm its commitment to promoting financial inclusion in key African markets. The new brand identity, contained in the slogan ‘Together we are stronger. Together we are Banking Beyond Tomorrow,” underlines the company’s mission to play a leading role in the future of digital payments.
We are incredibly proud of everything Ukheshe has achieved. This rebranding marks the beginning of a new era of growth and possibility for us as EFT Corporation. We look forward to facilitating a seamless and interconnected digital payments landscape that enables banks and individuals to thrive in the digital economy. A fully digital, always-on, always-instant money transfer and payments ecosystem is inevitable. Regulators and banks have a lot to lose if this continues to be pushed into cryptocurrency and mobile money tracks outside of traditional financial services providers. To compete and maintain a higher position, banks must innovate faster and collaborate more. EFT Corporation is the partner with the digital know-how and track record to deliver.
Clayton Hayward, group CEO
EFT Corporation is already at the forefront of discussions on how to unlock Africa’s digital potential. The successful inaugural “Banking on the Future” conference in May brought together industry leaders, innovators and stakeholders to discuss and shape the future of fintech in Africa. Serving as a platform for exchanging ideas and exploring the opportunities and challenges facing the fintech sector, EFT Corporation is advancing its vision of a digital financial ecosystem that empowers both businesses and individuals.
Under one identity, we can deliver even greater value to our customers and push the boundaries of what is possible in the industry. EFT Corporation’s products and expertise help simplify banking innovation. We are excited to continue enabling our customers to create exceptional user experiences and provide innovative, reliable and comprehensive payment solutions that integrate, automate and optimize financial systems and operations across all sectors of the economy.
Stephen Enderby, founder and CEO of EFT Corporation
The rebranding of Ukheshe to EFT Corporation reaffirms the company’s commitment to driving innovation and enhancing the customer experience by developing and implementing cutting-edge technologies that respond to evolving market needs. This includes everything from digital wallets and mobile payments to advanced financial services and switching solutions.
Looking ahead, EFT Corporation is well positioned to capitalize on opportunities in the financial sector. The company’s robust technology infrastructure, combined with its deep market knowledge, will enable it to effectively navigate the dynamic financial services landscape. EFT Corporation is committed to expanding its presence across Africa and beyond, driving growth through continuous innovation and strategic partnerships.