Africa’s digital payment landscape is expanding rapidly, making innovative and scalable financial products essential for sustained growth. However, more products don’t always mean better solutions, says Paul Selibas, Chief Product Officer at EFT Corporation [EFTCorp]. He emphasizes that true innovation solves real customer challenges, making scalable payments, that are seamless and accessible.
Financial inclusion plays a vital role in Africa’s economic growth. While 33% of adults in Sub-Saharan Africa have mobile money accounts, over half remain unbanked or underbanked. This emphasizes the need for financial products that cater to the continent’s unique needs.
Scaling Africa’s Payments
Selibas aims to ensure EFTCorp remains focused on core offerings while fostering innovation. The company’s product strategy is built on four key pillars: Banking-as-a-Service [BaaS], acquiring, issuing, and payment orchestration. While certain pillars may receive more focus at times, all are integral to a comprehensive payment ecosystem. Unlike fintechs that specialize in individual products, EFTCorp offers end-to-end solutions through a modular approach, allowing clients to customize services to their needs.
A key differentiator for EFTCorp is its commitment to regional customization. The company collaborates closely with clients to meet regulatory requirements and local demands, maintaining a continuous feedback loop for adaptation. This ensures its solutions effectively address financial literacy, seamless transactions, fragmented payment systems, and costly banking infrastructure upgrades.
EFTCorp also prioritizes financial inclusion by ensuring its products are affordable and market-relevant. High-cost systems are ineffective in African markets, says Selibas, who stresses the importance of balancing accessibility with impact. By bridging the gap between legacy banking and modern digital payments, EFTCorp empowers financial institutions with scalable, customer-centric products. This approach lowers entry barriers for small businesses and merchants, enabling easier integration with digital payment systems.
Under Selibas’ leadership, EFTCorp is committed to driving digital payment adoption across Africa, particularly in high-growth markets like the DRC, Ethiopia, Kenya, and Ghana. His strategy centers on building a strong team that keeps innovation and customer needs at the core of the company’s growth. His ultimate goal is to position EFTCorp as the leading payment enabler in Africa, helping businesses and financial institutions scale efficiently while contributing to the continent’s economic development.
