EFT Corporation (EFTCorp) and Visa have announced a five-year partnership aimed at growing Africa’s digital payments landscape through enhanced financial inclusion by introducing advanced payment solutions across the continent.
Fintechs across Africa are invited to join the program. By leveraging EFTCorp’s established platform and reach, participants can scale their operations, unlock new opportunities and drive innovation in the fintech space.
According to McKinsey, 250-million Africans are expected to join the consuming class by 2030, unlocking $3-trillion in consumer spending. To support this growth Visa has committed to invest $1-billion in Africa to accelerate digital transformation, with this partnership with EFTCorp being a significant step towards that goal.
With over 20 years’ experience in Africa, EFTCorp is a trusted partner for many banks and fintechs. It provides end-to-end banking capabilities covering card issuing, acquiring, wallets, KYC, mPOS, microfinance, SME banking, domestic switching and more.
The partnership will provide fintechs with access to prepaid and debit card programmes tailored for diverse consumer needs. EFTCorp will serve as programme manager and issuer processor ensuring efficient and effective payment processing.
Clayton Hayward, group CEO of EFTCorp, says the partnership is truly a win-win scenario for everyone involved. “While we’re providing local market expertise and infrastructure, Visa provides full commitment, know-how, and real investment to support EFTCorp’s business objectives.
“The collaboration will also allow both companies to strengthen their brand and footprint in these regions. But it goes much further than that. The fintechs will have the opportunity to scale their businesses and enhance their proposition, which in turn benefits the consumer and improves financial access on the continent.”
Participating fintechs will be selected based on the viability of their business case as well as their ability to create significant impact.
To ensure the programme’s success, EFTCorp will host a series of informal roundtable engagements with fintechs in Ethiopia, Kenya, Ghana and other key regions to address local challenges and opportunities.
Hayward adds: “This partnership with Visa reaffirms our commitment to supporting both banks and fintechs on the continent, and our intention of becoming the common fabric for banks, telco, retailers, governments, and fintechs in Africa.”
Africa is home to the world’s fastest growing population, which is expected to double by 2050, presenting numerous opportunities for inclusive growth and innovation.
Hayward says this is the first major project of EFTCorp’s newly formed EFT Ventures division, and it’s fitting that it will help drive digital transformation across Africa. “EFTCorp has always had financial inclusion as one of its core values. Access to financial services is the foundation of financial inclusion, and for Africa’s young population, that means digital transformation. They want to see solutions as forward-thinking as they are, and we aim to provide just that.”
Aida Diarra, senior vice-president and head of sub-Saharan Africa at Visa, echoes this sentiment, highlighting the alignment of Visa’s mission to connect the world through innovative payment solutions with EFTCorp’s vision for Africa. “This partnership will enhance financial inclusion in key African markets by combining EFTCorp’s local expertise with Visa’s global resources, delivering unmatched payment solutions across the continent.
“Together, we aim to provide cutting-edge solutions that uplift economies and enhance customer experiences, marking a significant step towards revolutionising digital payments across Africa”