In a bold step towards redefining the future of financial technology, Ukheshe has announced its official rebranding to EFT Corporation. The move consolidates Ukheshe’s pioneering digital solutions with EFT Corporation’s extensive reach and expertise under one unified brand, positioning it as a leading catalyst for financial inclusion in Africa.
The acquisition
The rebranding of Ukheshe to EFT Corporation follows Ukheshe’s acquisition of EFT Corporation in January 2024, marking the first major milestone in both companies’ shared vision of transforming financial services across the continent. The transition from Ukheshe to EFTCorp signifies the next stage in enhancing the combined entity’s knowledge and resources, thereby improving its capacity to offer innovative payment solutions to a broader market. Since the acquisition, the business has bolstered its technological capabilities, solidifying its position as a significant player in the fintech industry.
Under EFTCorp, the company continues Ukheshe’s rich history of innovation, which began with its mission to bring electronic payments to people without bank accounts. Since its inception, Ukheshe has partnered with numerous fintechs and major brands, proudly introducing Africa’s first virtual card for WhatsApp transactions. Ukheshe also enabled Telkom Pay’s digital payments wallet and developed Telkom mPOS, a mobile POS solution for small businesses. In 2020, Ukheshe strategically acquired Oltio, the developer behind Masterpass, to democratize digital payments for micro-merchants, rebranding to Scan to Pay in 2023. Expanding into Africa, Ukheshe offers an innovative BaaS platform in East Africa through its partnership with Diamond Trust Bank (DTB), empowering users to send money across Africa via MTN’s cross-border money transfer solution.
Bridging the financial inclusion gap
Additionally, Ukheshe’s proprietary Eclipse API platform has been transformative in the fintech sector, facilitating the development and expansion of financial service offerings across Africa and the Middle East. Eclipse demonstrates how Banking-as-a-Service (BaaS) can serve as a tool to bridge the financial inclusion gap, providing businesses with innovative ways to seamlessly integrate financial services.
The transition from Ukheshe’s vibrant orange to EFT Corporation’s established blue symbolizes trust, stability, and forward-thinking innovation. This shift in color reflects the company’s commitment to fostering a secure and dependable financial ecosystem. The merged entity will continue operating under the name EFT Corporation Limited.
‘Together we are stronger. Together we are Banking Beyond Tomorrow’
With this rebranding, EFT Corporation aims to strengthen its market presence and reaffirm its dedication to promoting financial inclusion in key African markets. The new brand identity, encapsulated in the tagline ‘Together we are stronger. Together we are Banking Beyond Tomorrow,’ underscores the company’s mission to lead the future of digital payments.
Empowering banks and individuals
The rebranding of Ukheshe to EFT Corporation underscores the company’s commitment to driving innovation and enhancing customer experience through the development and deployment of cutting-edge technologies that cater to evolving market needs. This encompasses digital wallets, mobile payments, advanced financial services, and switching solutions.
Looking forward, EFT Corporation is strategically positioned to leverage opportunities in the financial sector. Its strong technological infrastructure and deep market insights will enable effective navigation of the dynamic financial services landscape. EFT Corporation is dedicated to expanding its presence across Africa and globally, fostering growth through ongoing innovation and strategic partnerships.
