Ukheshe grabs full ownership of EFTCorp, unlocking fintech potential.

TLDR:

South African fintech company Ukheshe has acquired payment solutions provider EFT Corporation (EFTCorp) from Loita Transaction Services (LXS) with the support of Development Partners International (DPI). The acquisition allows Ukheshe to expand its digital payment solutions and offer new opportunities to EFTCorp’s traditional clients. Both Ukheshe and EFTCorp will retain their brand identities and operate independently.

Key points:

– Ukheshe, a South African fintech company, has acquired payment solutions provider EFT Corporation (EFTCorp) from Loita Transaction Services (LXS) with the support of Development Partners International (DPI).
– Ukheshe Technologies offers digital payment solutions to banks, telcos, and financial service providers, and secured an undisclosed Series A funding round for international expansion in 2022.
– EFTCorp serves approximately 35 African markets and provides end-to-end payment solutions to over 100 banks.
– Ukheshe’s acquisition of EFTCorp allows the company to expand its digital payment solutions and offer new opportunities to EFTCorp’s traditional clients.
– Both Ukheshe and EFTCorp will continue to operate independently without losing their brand identities, and EFTCorp’s management and CEO will remain involved.
– The partnership between Ukheshe and EFTCorp aims to bring together the expertise of both companies and their products in serving the African market.
– The acquisition is strategic in a market that is ripe for consolidation and disruption, according to Ukheshe’s co-founder and CEO.
– The South African digital payments market is expected to reach $21.81 billion in 2024 and $32.06 billion by 2027.