EFT Corporation (EFTCorp) and Visa have announced a transformative five-year partnership to revolutionise Africa’s digital payments landscape. This collaboration seeks to enhance financial inclusion and introduce advanced payment solutions across the continent.
Fintechs across Africa are invited to join an exclusive programme to accelerate their growth. By leveraging EFTCorp’s established platform and reach, participants will scale their operations, unlock new opportunities, and drive innovation in fintech.
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 investing $1 billion in Africa to accelerate digital transformation, and this partnership with EFTCorp is a significant step towards that goal.
This collaboration will drive the digital revolution 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.
With over 20 years of experience in Africa, EFTCorp is a trusted partner for many banks and fintechs. It provides comprehensive end-to-end banking capabilities covering card issuing, acquiring, wallets, KYC, mPOS, microfinance, SME banking, domestic switching, and more. This enables Fintechs to scale their operations while relying on EFTCorp’s world-class support and expertise.
This partnership will provide fintech with access to comprehensive prepaid and debit card programmes tailored for diverse consumer needs. EFTCorp will serve as program manager and issuer processor, ensuring efficient and effective payment processing.
Clayton Hayward, Group CEO of EFTCorp, says the partnership is a win-win scenario for everyone involved. “While we provide local market expertise and infrastructure, Visa provides full commitment, know-how, and real investment to support EFTCorp’s business objectives. The collaboration will also strengthen both companies’ 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 benefits the consumer and improves financial access on the continent.”
The participating fintechs will be selected based on their business case’s viability and ability to create significant impact. EFTCorp will host a series of informal roundtable engagements with fintechs in Ethiopia, Kenya, Ghana, and other vital regions to ensure the program’s success in addressing 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, expected to double by 2050, presenting numerous opportunities for inclusive growth and innovation. Hayward says this is the first significant project of EFTCorp’s newly formed EFT Ventures division, and it should 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 revolutionizing digital payments across Africa.”
