South African fintech startup Ukheshe rebrands as EFT Corporation
TLDR
- Ukheshe rebrands as EFT Corporation post-acquisition to enhance its position as a "financial inclusion catalyst" in Africa.
- EFT Corporation, a 23-year-old digital payments firm, acquired by Ukheshe in January, operates in 35 African nations.
- The rebranding aims to combine Ukheshe's fintech expertise with EFT Corporation's broad presence, creating a unified digital solutions entity.
South African fintech startup Ukheshe has rebranded as EFT Corporation, following its acquisition of the company of the same name back in January. This move, the company says, will help position it as a “financial inclusion catalyst” on the continent.
Ukheshe, a leading fintech enablement partner, has a strong legacy in enterprise platform delivery of embedded finance, creating a wide range of micro-services that facilitate rapid digital transaction propositions for clients.
In January, Ukheshe acquired EFT Corporation, a 23-year-old digital payments firm active in 35 African nations, from its parent company Loita Transaction Services (LXS). The rebrand to EFT Corporation aims to unify Ukheshe’s digital solutions with EFT Corporation’s extensive reach under a single identity.
Key Takeaways
In South Africa, where the digital payments market is projected to reach $21.81 billion in 2024 and $32.06 billion by 2027, both Ukheshe and EFT Corporation have demonstrated their capacity to contribute to this rapidly growing sector. In 2023, Ukheshe rebranded its previously acquired Masterpass as Scan to Pay, aiming to expand QR code transactions in the region. The Scan to Pay platform now also accepts cryptocurrency payments. Additionally, in June 2022, Ukheshe launched the Tap-to-Pay phone payment solution, which allows merchants and service providers to accept tap-on-phone payments without needing a certificate. Further expanding its reach, Ukheshe partnered with Diamond Trust Bank (DTB) in August 2023 to offer a Banking-as-a-Service (BaaS) platform in East Africa.
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