EFTCorp and Visa have launched a strategic five-year partnership poised to reshape Africa’s digital payments landscape. This collaboration aims to expand financial inclusion and introduce sophisticated payment solutions to drive growth across the continent.
The partnership invites African fintechs to join a unique growth-focused program that leverages EFTCorp’s established infrastructure and reach. This initiative will enable fintechs to expand their operations, seize new opportunities, and innovate within Africa’s vibrant fintech ecosystem.
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The potential for growth is massive. A McKinsey report projects that by 2030, 250 million Africans will enter the consuming class. Generating an estimated $3 trillion in consumer spending. To support this rapid expansion, Visa has committed $1 billion to drive digital transformation across Africa. This collaboration represents a significant investment toward that goal.
By combining EFTCorp’s local market knowledge and extensive technology with Visa’s global expertise, this partnership will power Africa’s digital evolution. EFTCorp, a trusted banking partner offers comprehensive services spanning card issuing, wallets, KYC, mPOS, and microfinance. This collaboration will empower fintechs with access to customized prepaid and debit card programs. EFTCorp will manage program administration and issuer processing to streamline payment solutions.
Strategic Alliance Drives Regional Fintech Innovation
Clayton Hayward, Group CEO of EFTCorp, describes the partnership as a mutually beneficial alliance. It enhances both brands’ regional footprint while directly benefiting fintechs and end-users. “Visa brings full commitment, know-how, and real investment. This aligns with EFTCorp’s goal of supporting the financial ecosystem across Africa,” Hayward stated. “This collaboration supports fintech growth and improves access to financial services on the continent.”
To ensure program success, EFTCorp plans to host fintech roundtable sessions in Ethiopia, Kenya, Ghana, and other pivotal markets. They will address unique regional challenges and opportunities. “This partnership with Visa underscores our mission to be the connective tissue for banks, telcos, retailers, governments, and fintechs across Africa,” Hayward added.
Africa’s population, projected to double by 2050, presents a significant opportunity for inclusive digital solutions. Aida Diarra, Senior Vice President for Sub-Saharan Africa at Visa, affirmed Visa’s commitment to the initiative, emphasizing the mission to provide innovative payment solutions. “By merging EFTCorp’s local expertise with Visa’s global resources, we’re delivering payment solutions that support economies and enhance customer experience, marking a transformative moment for digital payments across Africa,” Diarra stated.
This project, spearheaded by EFTCorp’s newly formed EFT Ventures division, reflects the company’s dedication to financial inclusion and to delivering advanced digital solutions that resonate with Africa’s young, tech-savvy population.
