[Africa] Ukheshe announces official rebranding to EFT Corporation

Ukheshe - the South African digital-first fintech - has announced that it is officially rebranding to EFT Corporation, IT-Online reports.

The rebranding follows the fintech firm’s acquisition of EFT Corporation in January 2024, a significant step in both companies’ drive to transform financial services across the continent.

The transition from Ukheshe to EFTCorp reportedly marks the next stage in elevating the combined entity’s knowledge and resources, improving its ability to offer innovative payment solutions to a wider market.

Following the acquisition, the business has strengthened its technological capabilities, solidifying its position in the fintech industry.

Since its inception, Ukheshe has onboarded numerous fintechs and major brands, introduced Africa’s first virtual card for WhatsApp transactions, enabled Telkom Pay’s digital payments wallet and developed their merchant solution, Telkom mPOS, a mobile POS solution for small businesses.

In 2020, Ukheshe strategically acquired Oltio, the developer behind Masterpass, to democratise digital payments for micro-merchants, evolving the brand to Scan to Pay in 2023.

Extending into Africa, Ukheshe offers an innovative BaaS platform in East Africa, through its partnership Diamond Trust Bank (DTB) allowing users to send money across Africa through MTN’s cross-border money transfer solution.

Ukheshe’s proprietary Eclipse API platform enables the development and growth of financial service offerings across Africa and the Middle East. Eclipse demonstrates how Banking-as-a-Service (BaaS) can help to close the financial inclusion gap, offering innovative ways to integrate financial services.

EFT Corporation is reportedly committed to driving financial inclusion in key African markets. 

Clayton Hayward - group CEO of the merged companies - said, “We are incredibly proud of all Ukheshe has achieved. This rebrand marks the beginning of a new era of growth and possibilities for us as EFT Corporation. We look forward to facilitating a seamless and interconnected digital payment landscape that empowers banks and individuals to thrive in the digital economy.

“A completely digital, always-on, always-instant money transfer and payments ecosystem is inevitable. Regulators and banks have a huge amount to lose if this continues to be pushed onto crypto and mobile money rails outside of traditional financial services providers. To compete and keep the higher ground, banks need to innovate faster and partner more. EFT Corporation is the partner with the digital know-how and the track record to deliver.”

Stephen Enderby - founder and CEO of EFT Corporation - said, “Under one identity, we can deliver even greater value to our clients and push the boundaries of what’s possible in the industry. EFT Corporation’s products and expertise help to make banking innovation simpler. We are excited to continue empowering our customers to create exceptional user experiences and provide innovative, reliable, and comprehensive payment solutions that integrate, automate, and optimise financial systems and operations across all sectors of the economy.”

Source: IT-Online

(Quotes via original reporting)

Ukheshe - the South African digital-first fintech - has announced that it is officially rebranding to EFT Corporation, IT-Online reports.

The rebranding follows the fintech firm’s acquisition of EFT Corporation in January 2024, a significant step in both companies’ drive to transform financial services across the continent.

The transition from Ukheshe to EFTCorp reportedly marks the next stage in elevating the combined entity’s knowledge and resources, improving its ability to offer innovative payment solutions to a wider market.

Following the acquisition, the business has strengthened its technological capabilities, solidifying its position in the fintech industry.

Since its inception, Ukheshe has onboarded numerous fintechs and major brands, introduced Africa’s first virtual card for WhatsApp transactions, enabled Telkom Pay’s digital payments wallet and developed their merchant solution, Telkom mPOS, a mobile POS solution for small businesses.

In 2020, Ukheshe strategically acquired Oltio, the developer behind Masterpass, to democratise digital payments for micro-merchants, evolving the brand to Scan to Pay in 2023.

Extending into Africa, Ukheshe offers an innovative BaaS platform in East Africa, through its partnership Diamond Trust Bank (DTB) allowing users to send money across Africa through MTN’s cross-border money transfer solution.

Ukheshe’s proprietary Eclipse API platform enables the development and growth of financial service offerings across Africa and the Middle East. Eclipse demonstrates how Banking-as-a-Service (BaaS) can help to close the financial inclusion gap, offering innovative ways to integrate financial services.

EFT Corporation is reportedly committed to driving financial inclusion in key African markets. 

Clayton Hayward - group CEO of the merged companies - said, “We are incredibly proud of all Ukheshe has achieved. This rebrand marks the beginning of a new era of growth and possibilities for us as EFT Corporation. We look forward to facilitating a seamless and interconnected digital payment landscape that empowers banks and individuals to thrive in the digital economy.

“A completely digital, always-on, always-instant money transfer and payments ecosystem is inevitable. Regulators and banks have a huge amount to lose if this continues to be pushed onto crypto and mobile money rails outside of traditional financial services providers. To compete and keep the higher ground, banks need to innovate faster and partner more. EFT Corporation is the partner with the digital know-how and the track record to deliver.”

Stephen Enderby - founder and CEO of EFT Corporation - said, “Under one identity, we can deliver even greater value to our clients and push the boundaries of what’s possible in the industry. EFT Corporation’s products and expertise help to make banking innovation simpler. We are excited to continue empowering our customers to create exceptional user experiences and provide innovative, reliable, and comprehensive payment solutions that integrate, automate, and optimise financial systems and operations across all sectors of the economy.”

Source: IT-Online

(Quotes via original reporting)