EFT Corporation and Visa partner to bolster fintech growth in Africa

EFT Corporation (EFTCorp) and Visa have announced a five-year partnership aimed at revolutionising Africa’s digital payments landscape through introducing new advanced payment solutions to enhance financial inclusion across the continent.

EFT is also inviting fintechs across Africa to leverage its established platform and reach, participants will scale their operations, unlock new opportunities and drive innovation in the fintech space.

In a statement, Clayton Hayward, Group CEO of EFTCorp, said, “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.”

By combining EFTCorp’s knowledge of local markets and world-class technology stack with Visa’s depth of experience and global footprint, this collaboration will drive the digital revolution on the continent.

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 works with banks and fintechs and provides end-to-end banking capabilities covering card issuing, acquiring, wallets, KYC, mPOS, microfinance, SME banking, domestic switching and  more.

Fintechs will have access to comprehensive 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. Fintechs from Ethiopia, Kenya, Ghana and other key regions are invited to apply.

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.

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”