TechPression

Tag: Ukheshe

  • Ukheshe’s Journey to EFT Corporation

    Ukheshe’s Journey to EFT Corporation

    Ukheshe has officially changed its name to EFT Corporation. The move combines Ukheshe’s cutting-edge digital solutions and EFT Corporation’s broad reach and deep knowledge under a single brand, making it a leading force for financial inclusion in Africa.  

    Why Ukheshe Rebranded to EFT Corporation

    After acquiring EFT Corporation in January 2024, Ukheshe rebranded it as EFT Corporation, the first step in the organization’s aim to change financial services across the continent.

    From Ukheshe to EFTCorp, the merged entity’s skills and resources will improve its ability to offer innovative payment solutions to a broader market. Since the takeover, the company has improved its technology, making it a fintech powerhouse.

    Read also: South African Fintech Ukheshe secures funding, eyes international expansion

    Ukheshe’s rich history of innovation, which began with its objective to deliver electronic payments to individuals without bank accounts, continues under one EFTCorp.

    Introducing Africa’s first virtual card for WhatsApp transactions, enabling Telkom Pay’s digital payments wallet, and developing Telkom mPOS, a mobile POS solution for small businesses, Ukheshe has onboarded many fintechs and significant brands since its founding.

    To democratize digital payments for micro-merchants, Ukheshe strategically bought Masterpass developer Oltio in 2020, rebranding it as Scan to Pay in 2023. In addition to its BaaS platform, Ukheshe has helped Diamond Trust Bank (DTB) and MTN enable cross-border money transfers across Africa. 

    EFTCorp continues Ukheshe’s excellent history of innovation, which began with its objective of delivering electronic payments to individuals without bank accounts. Introducing Africa’s first virtual card for WhatsApp transactions, enabling Telkom Pay’s digital payments wallet, and developing Telkom mPOS, a mobile POS solution for small businesses, Ukheshe has onboarded many fintechs and significant brands since its founding.

    To democratize digital payments for micro-merchants, Ukheshe strategically bought Masterpass developer Oltio in 2020, rebranding it as Scan to Pay in 2023. In addition to its BaaS platform, Ukheshe has helped Diamond Trust Bank (DTB) and MTN enable cross-border money transfers across Africa.

    In what ways has Ukheshe’s Eclipse API supported fintech growth in Africa?

    Ukheshe’s Eclipse API platform has also revolutionized fintech, enabling financial service offers in Africa and the Middle East. Eclipse shows how Banking-as-a-Service (BaaS) may support financial inclusion by providing novel ways to combine financial services.

    Ukheshe’s intense orange to EFT Corporation’s blue symbolizes trust, stability, and forward-thinking innovation. This colour change shows the company’s commitment to financial stability. EFT Corporation Limited will remain the combined entity.

    With the renaming, EFT Corporation will strengthen its market presence and commitment to financial inclusion in major African markets. The new brand identity and motto is “Together we are stronger.” Together, we are Banking Beyond Tomorrow, emphasizing the company’s objective of leading digital payments.  

    We are pleased with Ukheshe. EFT Corporation’s facelift marks a new age of growth and opportunity. We want to establish a seamless digital payment ecosystem that benefits banks and individuals in the digital economy.

    Read also: Ukheshe Technologies To Expands with Amazon Web Services (AWS)

    Digital, instant, all-digital money transfers and payments are inevitable. If crypto and mobile money rails move away from banks and regulators, they will lose a lot. Banking must innovate faster and partner more to stay ahead. A successful digital partner is EFT Corporation.

    EFT Corporation CEO Clayton Hayward is discussing Africa’s digital potential. In May, industry leaders, innovators, and stakeholders defined fintech in Africa at the first ‘Banking on the Future’ conference. EFT Corporation advocates for a digital-first financial ecosystem that enables firms and individuals to exchange ideas and discuss fintech sector concerns.

    EFT Corporation, rebranded Ukheshe, focuses on financial innovation and customer experience by offering innovative payment solutions. The company’s technology infrastructure includes digital wallets, mobile payments, and innovative financial services.

    EFT Corporation’s strategic partnerships and innovation enable it to manage the changing financial services sector and grow across Africa and beyond, leveraging its excellent technology infrastructure and industry knowledge. 

  • Ukheshe, Diamond Trust Bank partner to offer BaaS in East Africa

    Ukheshe, Diamond Trust Bank partner to offer BaaS in East Africa

    South African Ukheshe, an integrated finance enabler and provider of Banking-as-a-service (BaaS), has partnered with Diamond Trust Bank (DTB) to offer a BaaS platform in East Africa.

    BaaS, which comprises the distribution of banking goods and services by third parties, is predicted to develop at a compound annual growth rate (CAGR) of 25% in a number of areas, and the partnership is expected to help both parties stay ahead of the rapidly rising growth curve.

    Ukheshe – Diamond Trust Bank partnership 

    The firm, which has been searching for a regional banking partner, is excited to collaborate with DTB as a progressive bank with a shared goal for BaaS, according to Mark Dankworth, President of Business Development at Ukheshe Africa. By working together, the firms will help DTB establish cutting-edge enterprises in the East African market as it aspires to be a tech company with a banking licence.

    Although banks are largely backed by regulators, the digital payment environment in this sector is now dominated by mobile network operators (MNOs) and provides a variety of regulatory difficulties to new participants. According to the spokesperson, baaS partnerships like the one between Ukheshe and Diamond Trust Bank are thought to be the best course of action for all sides since they allow banks and fintechs to compete with the major MNOs while still adhering to all regulatory standards.

    In East Africa, BaaS is provided by Ukheshe and Diamond Trust Bank.

    As customers become more aware of their alternatives and start to prioritise convenience above price, according to Jamie Loden, Chief Operating Officer at DTB, the market is ready for new offers. This is expected to open up new prospects for agile BaaS models.

    Read also: D.Light secures $30million facility from Africa Trade and Development Bank

    Benefits of the Ukeshe – DTB partnership on tech firms

    According to the details provided in the press release, Ukheshe used the Eclipse platform to construct Wallets as a Service as a component of the Astra platform, which was launched by DTB in Kenya with further launches scheduled for 2024 in Uganda and Tanzania. This will make it possible for fintechs, edtechs, and other technology-enabled enterprises to collaborate freely with a sponsoring bank, speed up regulatory approval, and have access to a variety of payment products via an API orchestration layer in these countries. In addition to other carefully selected digital financial services, the goods include wallets and a wallet management system, QR payments, payment services, SME solutions, SoftPOS, digital KYC, and virtual and real cards.

    Meanwhile, Loden explained that the cooperation will help DTB and Ukheshe both work together to accomplish respective organisational strategic goals from the perspectives of customer acquisition, value packaging, support, and management. DTB will employ Ukheshe’s technology to advance innovation, improve the distribution of financial services, and offer services to its consumers, while Ukheshe will make use of the bank’s position to be able to compete in the market.

    Read also: IoTDC, Davra partner to develop mining safety, monitoring software in South Africa

    According to Dankworth, this is in line with Ukheshe’s vision for the future, and the partnership will allow the business to meet regulatory requirements for entering new markets, particularly in East Africa, while also assisting the bank in rapidly expanding its customer base and bringing on fintech partners to the Astra platform.  In the larger picture, the cooperation is meant to promote innovation and growth while providing a solid foundation for fintechs to adopt, develop, and expand cutting-edge technologies and navigate regulatory challenges. By advancing digital banking services in this way, physical currency usage is reduced, improving both end users’ and the market’s overall financial inclusion.

  • South African Fintech Ukheshe secures funding, eyes international expansion

    South African Fintech Ukheshe secures funding, eyes international expansion

    Ukheshe, a South African-based fintech enabler, secures funding from Fireball Capital and Development Partners International (DPI) to finance its expansion goals throughout Africa and beyond.

    Ukheshe, an organization founded in 2018, gives businesses in the African fintech ecosystem the ability to supply embedded finance to close the financial inclusion gap.

    The startup has started to accelerate its international expansion, serving clients in eight countries, thanks to additional funding from ADP III, a fund advised by Development Partners International (DPI), a leading, Africa-focused investment firm, as well as funds advised by Fireball Capital, a top South African venture capital firm.

    Read also: South African fintech, Ukheshe appoints New COO

    Expansion Strategy

    To bridge the financial inclusion gap, Ukheshe is creating innovative approaches for companies to supply so-called “embedded finance” (the integration of a financial product into a non-financial consumer experience).

    The business provides services to clients in a variety of industries, including banks, fintech, mobile network carriers, and small and medium-sized enterprises. The business offers technologies so that its customers can deliver their fintech services.

    Ukheshe asserts that although the continent’s fintech and payments ecosystems are expanding quickly, the industry is still in its infancy and many underserved populations continue to lack access to basic financial services and products.

    There are opportunities for software innovators like Ukheshe to pioneer solutions to critical problems, provide value for customers and support communities in markets where technology has the potential to make the biggest impact as innovation continues to disrupt established players and drive growth in emerging markets.

    The company thinks it is at the forefront of the financial transition thanks to its unique BaaS Eclipse API platform and cutting-edge embedded finance solutions.

    “Ukheshe’s mission is to transform the lives of individuals by facilitating access to critical financial products and services that support the growth and prosperity of communities globally. We have made great progress in recent years, growing our footprint, and expanding our reach across Africa,” founder and CEO Clayton Hayward.

    Ukheshe Technologies To Expands with Amazon Web Services (AWS)

    Ukheshe Expansion Attracts Partnership

    Today, the Ukheshe Group, a prominent provider of Banking as a Service (“BAAS”) with headquarters in the UK, announced the signing of an investment agreement that will hasten the company’s global expansion.

    ADP III, a fund advised by DPI, a prominent, Africa-focused investment company with $3 billion in assets under management and co-investment, coupled with funds advised by Fireball Capital, a top South African venture capital firm, will lead the investment. The transaction, which is still subject to customary closing conditions, will assist Ukheshe’s long-term growth as the company moves forward with its plans for acquisitive expansion.

    Ukheshe will be able to continue advancing its international aspirations thanks to the anticipated investment from DPI and Fireball Capital. Ukheshe is in a good position to widen its reach and enter supplementary sectors that share the same difficult problems as its core markets.

    DPI will work to assist Ukheshe in addition to providing financing so that it may further institutionalize the company, accomplish its ambitious organic and inorganic growth ambitions, generate great employment opportunities, and boost emerging market financial inclusion. Ukheshe will be helped in realizing its strategic goals by DPI’s expertise in developing industry-focused platforms across several countries.

    “Ukheshe is not only an innovative, high-growth company with a great management team, but it is also playing a critical role in broadening affordable access to financial services to the underserved, underbanked, and unbanked populations in Africa. Our planned investment in Ukheshe is in line with our investment mandate of giving South African institutional investors access to the best technology-enabled businesses that are solving real-world problems, particularly in the financial services, education, and healthcare sectors. We look forward to partnering with the Ukheshe management team and DPI in the next growth phase of the business.”

    Fireball’s CEO, Paula Mokwena, explains.

    Throughout the acquisition, Royal Park Partners served as Ukheshe and its stockholders’ only financial advisor.

  • Ukheshe, Digital PayGo, to Promote Economic and Business Development in Zambia

    Ukheshe, Digital PayGo, to Promote Economic and Business Development in Zambia

    Through a partnership with Digital PayGo, Ukheshe’s SME in-a-box solution is making observable improvements to the lives of millions of people in Zambia. These changes include making business owners’ transactions easier and giving more people access to financial services.

    Digital PayGo, a local Zambian fintech company that is enhancing the digital payment space for SMEs and driving a mobile-first approach, is the first partner to utilize Ukheshe’s SME in-a-box solution fully and offers a variety of virtual financial services to its customers. Digital PayGo is also the first partner to use Ukheshe’s SME in-a-box solution.

    Mark Dankworth, President of Business Development in Africa at Ukheshe, says, “We are so proud to be the technology partner enabling Digital PayGo in their partnership with Zambian bank Zanaco and Mastercard to implement this solution.” “We are so happy that Digital PayGo’s partnership with the Zambian bank Zanaco and Mastercard is made possible by our company’s technology.”

    Read also: Knife Fund III Hopes to drive innovation in Africa

    “In accordance with Mastercard’s vision of enabling 50 million small and medium-sized enterprises by 2025, the relationship between Ukheshe and Digital PayGo was a natural fit, given our shared values of driving financial inclusion with relevant solutions that address the requirements of both individuals and businesses. It is pretty thrilling to think that we would be able to make a change of this magnitude in the ecology of merchant payments in Zambia.

    SME in-a-box is a set of services that lets businesses accept both virtual and physical card payments, as well as tap-on-phone (SoftPOS) and QR payments; digital onboarding; instant access to funds for money transfers and payments; and the issuance of virtual cards. All of these features are powered by Ukheshe’s award-winning Eclipse API.

    According to Charity Mwanza, Chief Executive Officer of Digital PayGo, the benefits go far beyond simply offering this feature to customers and businesses, no matter how handy it may be.

    “SME in a box – Lipila Na PayGo will cater to the urgent demand of small and medium-sized enterprises (SMEs), which is to make and receive payments in a frictionless manner while preserving a track record of all transactions, thereby enabling reporting and access to financing. We are confident that the solution will not only boost access to financial services and the number of people who can take advantage of them but also foster more faith in digital financial products.”

    More about this Partnership

    One thing that will eventually help Zambia reach its goal of becoming a cashless society is the ease with which small and medium-sized businesses (SMEs) can do business due to the security and convenience of mobile and digital financial solutions, primarily through Ukheshe.

    This is an essential step toward Ukheshe’s ultimate goal: to become a global embedded finance enabler whose primary goal is to improve and fix financial inclusion in emerging markets by offering cutting-edge digital payment solutions.

    “The primary objective of Ukheshe is to broaden access to various technological platforms to make digital financial services more democratic. According to Dankworth, “our technology has already improved financial access in locations across the continent, and we believe this partnership will do the same in Zambia and other emerging markets—changing the lives of millions of people for the better.”

    Afreximbank launches its Trade Payment Service (AfPAY)

    About Ukheshe

    Ukheshe Technologies is a global financial services enabler focused on digital innovation. They were developed in 2018 as a digital platform focusing on SMMEs to improve and address financial inclusion within South Africa.

    About Digital Paygo

    Digital PayGo is a financial technology company established in Zambia that offers solutions for shared agent banking and mobile merchant payments. A passion for interoperability and collaboration drives the company.