EFT Corporation (EFTCorp) and Visa have announced a 5-year cooperation to transform Africa’s digital payment landscape. This alliance aims to increase financial inclusion and implement sophisticated payment solutions across the continent.
This partnership will provide fintech with access to comprehensive prepaid and debit card programs tailored for diverse consumer needs, EFTCorp will serve as program manager and issuer processor ensuring efficient and effective payment processing.
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, with this partnership with EFTCorp being a significant step towards that goal.
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.”
This partnership will propel the continent’s digital transformation by fusing Visa’s extensive experience and global reach with EFTCorp’s local market expertise and top-tier technology stack.
With over 20 years of expertise in Africa, EFTCorp is a reliable partner for numerous banks and fintechs. It offers comprehensive banking services, including card issuing, acquiring, wallets, KYC, mPOS, microfinance, SME banking, domestic switching, and more. This enables Fintechs to expand their operations while benefiting from EFTCorp’s world-class assistance and experience.
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.”
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.”