EFT Corporation (EFTCorp) and Visa have announced a five-year partnership that aims to revolutionize Africa’s digital payments landscape. This collaboration seeks to enhance financial inclusion and introduce advanced payment solutions across the continent.
By leveraging EFTCorp’s established platform and reach, participants will scale their operations, unlock new opportunities and drive innovation in the fintech space. Fintechs across Africa are invited to join an exclusive program designed to accelerate their growth.
According to McKinsey, 250 million Africans are expected to join the consuming class by 2030, unlocking USD 3 trillion in consumer spending. To support this growth, Visa has committed to invest USD 1 billion in Africa to accelerate digital transformation.
By combining EFTCorp’s knowledge of local markets and world-class technology stack with Visa’s experience and global footprint, this collaboration is expected to drive the digital revolution on the continent.
With over 20 years’ experience in Africa, EFT Corp provides comprehensive end-to-end banking capabilities covering card issuing, acquiring, wallets, KYC, mPOS, microfinance, SME banking, domestic switching and more. This enables Fintech’s to scale their operations while relying on EFT Corp’s world-class support and expertise.
The 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 program’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.
Clayton Hayward, Group CEO of EFT Corp, said 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 EFT Corp’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,” he stated.
On her part, Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa at Visa said, “This partnership will enhance financial inclusion in key African markets by combining EFT Corp’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”