EFT Corporation (EFTCorp) and Visa have joined forces to transform the digital payments landscape in Africa. This collaboration is set to boost financial inclusion across the continent, providing local fintechs with the resources, expertise, and advanced payment solutions needed to scale and innovate in Africa’s burgeoning fintech ecosystem.
The partnership comes at a crucial time for the continent. With an estimated 250 million Africans projected to join the consuming class by 2030, unlocking $3 trillion in consumer spending, the collaboration aligns with Visa’s broader $1 billion investment commitment to accelerate digital transformation across Africa. This initiative represents a significant step towards achieving Visa’s ambitious financial inclusion goals.
EFTCorp and Visa have launched an exclusive program inviting fintechs across Africa to accelerate their growth and impact. The program provides participants with access to EFTCorp’s robust digital banking platform and Visa’s global resources, allowing them to scale operations, expand reach, and drive innovation in digital payments.
Clayton Hayward, Group CEO of EFTCorp, highlighted the potential of this partnership: “This is truly a win-win scenario for all involved. While we bring local market knowledge and infrastructure, Visa contributes deep commitment, investment, and experience. Together, we’re strengthening our brands and expanding our footprint across Africa. More importantly, fintechs in this program will gain new opportunities to scale and enhance their offerings, benefiting consumers and improving financial access across the continent.”
With over two decades of experience in Africa, EFTCorp is a trusted partner for many financial institutions across the continent, providing end-to-end banking solutions, including card issuing, acquiring, wallets, KYC, microfinance, SME banking, and more. Under this new partnership, EFTCorp will serve as the program manager and issuer processor, managing prepaid and debit card programs customized to meet the diverse needs of African consumers.
Visa and EFTCorp will support these fintechs by hosting a series of roundtable engagements across key markets such as Ethiopia, Kenya, and Ghana. These sessions aim to address local challenges, identify opportunities, and help fintechs tailor their solutions to better serve local communities.
Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa at Visa, emphasized the alignment of Visa’s mission with EFTCorp’s vision for Africa, stating, “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’re committed to providing cutting-edge solutions that uplift economies and improve customer experiences.”
Africa’s population is the fastest-growing in the world, expected to double by 2050, making it one of the most promising regions for digital innovation and inclusive growth. Recognizing the significance of this opportunity, EFTCorp has launched EFT Ventures, a division dedicated to driving digital transformation and financial inclusion in Africa.
“EFTCorp has always been committed to financial inclusion as a core value,” Hayward added. “Access to financial services is the foundation of financial inclusion, and for Africa’s young population, that means embracing digital transformation. They want forward-thinking solutions, and we aim to deliver just that.”
With this partnership, EFTCorp and Visa have taken a critical step towards empowering Africa’s fintech landscape, promoting financial inclusion, and transforming digital payments on the continent. As they progress in this journey, both companies are poised to make a lasting impact, shaping the future of financial services in Africa and fostering economic growth across the region.