In a significant move for the African fintech ecosystem, Ukheshe International has acquired EFT Corporation Limited (EFT Corp) from Loita Transaction Services (LXS).
Following the 2022 acquisition of Masterpass in South Africa and a funding partnership with Development Partners International (DPI) in 2023, this acquisition marks a milestone in innovation and growth for both companies.
EFTCorp’s CEO, Stephen Enderby, says, “I have been looking for a partner to help support and grow EFTCorp’s digital strategy. Together with Ukheshe we combine great products and extensive executive depth to achieve our growth ambitions. As a group we continue to look for complementary acquisitions and investment opportunities across the continent and Middle East.”
Ukheshe Technologies and EFT Corp will continue to operate separately, benefiting from each other’s expertise.
James Griffiths, Partner at DPI added “We’re thrilled to have supported Ukheshe in this acquisition, which underscores our confidence in Ukheshe’s innovative vision, strong leadership and exciting growth potential. We’re looking forward to the accelerated growth which this major milestone brings the business.”