EFT Company (EFTCorp) and Visa announced a 5-year cooperation to transform the digital payments landscape in Africa. This alliance aims to increase financial inclusion and implement sophisticated payment solutions across the continent.
This partnership will provide fintech access to comprehensive prepaid and debit card programs tailored to diverse consumer needs, EFTCorp will serve as the program manager and issuer processor ensuring effective and efficient payment processing.
According to McKinsey250 million Africans are expected to join the consumer 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 an important step towards this 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 improve financial inclusion in key African markets by combining EFTCorp’s local expertise with Visa’s global resources, delivering unrivaled payment solutions across the continent. Together, we aim to provide cutting-edge solutions that drive economies and improve customer experiences, marking an important step towards the digital payments revolution across Africa.
This partnership will propel the digital transformation of the continent by merging Visa’EFTCorp’s extensive experience and global reach is backed by local market expertise and leading technology stack.
With over 20 years of expertise in Africa, EFTCorp is a reliable partner for many banks and fintechs. It offers comprehensive banking services including card issuance, acquiring, wallets, KYC, mPOS, microfinance, SME banking, national switching, etc. This allows Fintechs to expand their operations while benefiting from EFTCorp’s world-class support and experience.
Clayton Hayward, CEO of EFTCorp Group, says the partnership is truly a win-win scenario for everyone involved. “While 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 deeper than that. Fintechs will have the opportunity to grow their businesses and improve their proposition, which will benefit the consumer and improve 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 to become the common fabric of banks, telcos, retailers, governments and fintechs in Africa . »
Africa is home to the world’s fastest growing population, which is expected to double by 2050, providing ample opportunities for inclusive growth and innovation. Hayward says this is the first major project from EFTCorp’s new EFT Ventures division, and it is only fitting that it will help drive digital transformation across Africa. “EFTCorp has always made financial inclusion one of its core values. Access to financial services is the foundation of financial inclusion, and for Africa’s young population, this means digital transformation. They want to see solutions as forward-thinking as they are, and that’s exactly what we aim to provide.