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Ukheshe Rebrands as EFT Corporation to Lead Financial Inclusion in Africa

Ukheshe has officially rebranded to EFT Corporation, combining Ukheshe’s innovative digital solutions with EFT Corporation’s expertise. 

This change aims to establish the unified brand as a leading force in promoting financial inclusion across Africa.

The rebranding follows Ukheshe’s acquisition of EFT Corporation in January 2024. This marks a significant step towards their shared vision of transforming financial services on the continent. 

This move signifies a stronger combined entity, which will enhance their capability to deliver innovative payment solutions to a broader market. 

Since the acquisition, the company has strengthened its technological capabilities, and cemented its status as a formidable player in the fintech industry.

Ukheshe’s Transitioning from Orange to Blue

EFT Corporation retains Ukheshe’s legacy of pioneering electronic payments for the unbanked. Since its inception, Ukheshe has introduced Africa’s first virtual card for WhatsApp transactions. They also enabled Telkom Pay’s digital wallet and developed Telkom mPOS, a mobile POS solution for small businesses.

In 2020, Ukheshe acquired Oltio, the developer of Masterpass, evolving it to Scan to Pay in 2023. They also created innovative solutions for Diamond Trust Bank’s BaaS platform and MTN’s cross-border money transfer service.

Ukheshe’s Eclipse API platform has been revolutionary. It supports the growth of financial services across Africa and the Middle East. Eclipse exemplifies how Banking-as-a-Service can close the financial inclusion gap, and offer businesses innovative ways to integrate financial services seamlessly.

The rebranding from Ukheshe’s bold orange to EFT Corporation’s blue symbolizes trust, stability, and innovation. This shift reflects their commitment to a secure and reliable financial ecosystem. The merged entity will operate as EFT Corporation Limited.

Also Read: Africa Data Centres Secures ZAR2 Billion for Expansion and Digital Transformation in South Africa

Strengthening Market Presence

EFT Corporation aims to enhance its market presence and reaffirm its commitment to financial inclusion in Africa. The new tagline, “Together we are stronger. Together we are Banking Beyond Tomorrow,” highlights their mission in digital payments.

Group CEO Clayton Hayward expressed pride in Ukheshe’s achievements and optimism for EFT Corporation’s future. He emphasized the need for banks to innovate and partner to compete effectively. EFT Corporation, he said, is the ideal partner with the expertise to deliver.

“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.”

EFT Corp Champions Innovation at ‘Banking on the Future’ Conference

The Corporation is leading discussions on unlocking Africa’s digital potential. Their inaugural ‘Banking on the Future’ conference in May gathered industry leaders to shape the future of fintech in Africa. This platform fosters idea exchange and addresses opportunities and challenges in the fintech industry.

Under one identity, EFT Corporation aims to deliver greater value to clients and push industry boundaries. They will continue to empower customers with innovative, reliable, and comprehensive payment solutions that optimize financial systems.

Founder and CEO Stephen Enderby stated that the rebranding reaffirms their dedication to innovation and customer experience. They focus on developing technologies that address evolving market needs, from digital wallets to advanced financial services.