Ukheshe has announced its official rebranding to EFT Corporation.

The rebranding follows Ukheshe’s acquisition of EFT Corporation in January 2024, the first major milestone in both companies’ shared vision of transforming financial services across the continent.

The transition from Ukheshe to EFTCorp marks the next stage in bolstering the combined entity’s knowledge and resources, improving the company’s ability to offer innovative payment solutions to a wider market.

Following the acquisition, the business has strengthened its technological capabilities, solidifying its position as a formidable player in the fintech industry.

Under one EFTCorp, the company retains Ukheshe’s history of innovation, which first began with its mission to bring electronic payments to people without bank accounts.

Since its inception, Ukheshe has onboarded numerous fintechs and major brands, proudly introducing Africa’s first virtual card for WhatsApp transactions, enabling Telkom Pay’s digital payments wallet alongside development of their merchant solution, Telkom mPOS, a mobile POS solution for small businesses.

In 2020, Ukheshe strategically acquired Oltio, the developer behind Masterpass, to democratise digital payments for micro-merchants, evolving the brand to Scan to Pay in 2023.

Extending into Africa, Ukheshe provides an innovative BaaS platform in East Africa, through its partnership Diamond Trust Bank (DTB) and empowers users to send money across Africa through MTN’s cross-border money transfer solution.

In addition, Ukheshe’s proprietary Eclipse API platform enables the development and growth of financial service offerings across Africa and the Middle East. Eclipse exemplifies how Banking-as-a-Service (BaaS) can serve as a mechanism for closing the financial inclusion gap, offering businesses innovative ways to seamlessly integrate financial services.

With the rebranding, EFT Corporation is set to enhance its market presence and reaffirm its commitment to driving financial inclusion in key African markets. The new brand identity, encapsulated in the tagline ‘Together we are stronger. Together we are Banking Beyond Tomorrow’, highlights the company’s mission of playing a leading role in the future of digital payments.

Clayton Hayward, group CEO of the merged companies, says: “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 Corporation is driving forward its vision for a digital-first financial ecosystem that empowers businesses and individuals alike.

Stephen Enderby, founder and CEO of EFT Corporation, says: “Under one identity, we can deliver even greater value to our clients and push the boundaries of what’s possible in the industry. EFT Corporation’s products and expertise help to make banking innovation simpler. We are excited to continue empowering our customers to create exceptional user experiences and provide innovative, reliable, and comprehensive payment solutions that integrate, automate, and optimise financial systems and operations across all sectors of the economy.”