In The Know Vol. 17 – Banking Beyond Tomorrow

The Journey of Ukheshe Transforming into EFT Corporation??

The story of EFT Corporation Limited , once a pioneer of digital payments in Africa, and EFT Corporation , a trailblazing fintech company, is one of innovation, resilience, and transformation. Together, we have revolutionised the financial landscape across the continent, creating a powerful entity that continues to drive significant impact in emerging markets.?

We are thrilled to announce a monumental step in our company's journey— a rebranding endeavour that mirrors our dedication to growth and innovation, under our new unified brand identity: EFT Corporation.?

The History of EFT Corporation??

Founded in 1999, EFT Corporation began its journey as an IT organisation with a vision to transform the payments industry in Africa. Over the years, it emerged as the continent’s leading provider of PCI-compliant payment solutions, known for its robust and secure infrastructure.??

EFT Corporation’s growth was fuelled by a diverse product portfolio that included transaction switching, ATM and POS acquiring, retail and teller POS, card issuing, internet and mobile banking, agency banking, and hosting solutions. Each product was designed to simplify and secure digital transactions, making financial services more accessible and efficient. The company’s commitment to excellence was further demonstrated by its PCI-compliant POS service and repair centres in Zimbabwe and Zambia.??

The Rise of Ukheshe??

Ukheshe entered the fintech scene in 2018 with a bold vision to enable digital-first financial services through cutting-edge technology. The company quickly gained recognition for developing the Eclipse API, a unified platform that streamlined payments by integrating digital onboarding, KYC processes, wallet capabilities, issuing capabilities, payment processing, and channel builds. Ukheshe’s innovative solutions addressed the critical need for accessible and efficient financial services, particularly in underserved markets.???

As Ukheshe expanded its reach, it established a reputation for agility and customer-centric innovation. The company’s solutions were designed to empower financial institutions, enabling them to offer advanced digital services without the need for extensive infrastructure investments. This approach not only democratised access to financial services but also catalysed economic growth and inclusion.???

The Merger: A New Era in Digital Banking??

In a strategic move to amplify our impact, Ukheshe and EFT Corporation merged in January 2024, combining our strengths to create a formidable entity in the fintech industry. Our merged company leverages Ukheshe’s innovative BaaS (Banking as a Service) capabilities with EFT Corporation’s robust payment infrastructure. By integrating our expertise and resources, EFT Corporation is poised to offer cutting-edge payment solutions to a broader audience.??

Headquartered in the UK, EFT Corporation has 295 staff members across regional and subsidiary offices in Mauritius, Ghana, Kenya, South Africa, Zambia, Zimbabwe, Botswana, and India, with plans to expand into Rwanda and Tanzania. With a global perspective and a deep understanding of local market needs, EFT Corporation is well-positioned to shape the future of payments in Africa and beyond.??

Why the Rebrand??

The rebranding of Ukheshe to EFT Corporation is not just a change in name but a strategic decision to unify the strengths of both entities. Over the past five months, as our organisation has expanded and evolved, we've recognised the importance of a brand that truly represents our essence and aspirations. By combining the two brands, we can align our visual identity, messaging, and values with the dynamic nature of our company and the evolving expectations of our stakeholders.??

Furthermore, our transformation extends beyond just a new name and logo. We are transitioning from Ukheshe's bold orange to a forward-thinking and established blue, symbolising trust and forward momentum. This colour shift reflects our unwavering commitment to drive financial inclusion and innovation across Africa and beyond.?

We are excited about this new chapter and remain committed to delivering seamless, secure, and accessible solutions, driving growth, and providing superior value to our customers. Thank you for being part of this journey with us.?

Together we are stronger. Together we are Banking Beyond Tomorrow. ???

??? Read more about the rebrand here ?

How embedded finance is driving the banking-as-a-service revolution?

The world of payments is undergoing a major transformation, driven by the rise of Banking-as-a-Service (BaaS). This innovative approach integrates banking solutions directly into consumer-facing websites and apps, creating seamless, efficient, and cost-effective financial experiences. BaaS is revolutionising both financial and non-financial businesses by leveraging API-based platforms and regulated financial infrastructure.??

In this article, you will explore how BaaS is addressing key payment challenges and enhancing the customer journey through embedded payments. Learn about the benefits of BaaS, including improved conversion rates, customer loyalty, and operational efficiency. ??Discover the differences between BaaS providers and traditional Payment Service Providers (PSPs) and gain insights into future trends such as real-time payments, AI integration, and blockchain technology.?

?? Learn more ?