EFT Corporation (EFTCorp) and Visa have initiated a five-year partnership to revolutionise Africa’s digital payments, prioritising financial inclusion and tailored payment solutions across the continent.
Accelerating financial inclusion with innovative payment solutions
This partnership, announced by EFTCorp on October 28, marks a significant step in Visa’s ongoing commitment to African markets, particularly to advance financial inclusion and digital transformation across diverse populations.
In a region where access to banking is limited to millions of Africans, EFTCorp will serve as the program manager and issuer processor, facilitating prepaid and debit card programs that fintechs can integrate into their offerings. These solutions will cater to a broad range of consumers, from the unbanked to digitally-savvy individuals, offering them secure and efficient payment methods.
“Africa is experiencing rapid economic growth, but financial access remains a critical need,” said Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa at Visa. “By combining our resources with EFTCorp’s market insights, we can deliver comprehensive financial solutions that drive inclusion and make a real difference in people’s lives.” This sentiment reflects Visa’s recent $1 billion commitment to the region, supporting its vision of a digital forward-moving Africa.
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Addressing Africa’s growing consumer base
According to McKinsey Global Institute (MGI) for research, Africa’s rapidly expanding middle class is expected to reach 250 million by 2030, opening up substantial opportunities for consumer spending, projected to exceed $3 trillion. The Visa-EFTCorp collaboration will make it easier for consumers across the continent to engage in digital transactions, enabling the fintech sector to grow its economic impact.
The evolving consumer landscape provides fertile ground for scalable solutions, especially as the need for accessible, tech-enabled financial services intensifies. Visa’s collaboration with EFTCorp is designed to bridge this gap by equipping fintechs with essential infrastructure for safe, flexible payment options, benefitting small businesses and large institutions.
Expanding EFTCorp’s service offerings
EFTCorp, with more than 20 years of experience across Africa, will draw on its extensive capabilities to support Visa’s ambitions in the region. Its services encompass a wide range of financial technologies, including KYC, microfinance, and SME banking, supporting fintechs and banks in expanding their reach. EFT Ventures will spearhead this venture, a new division focused on fostering financial innovation.
“Our shared goal is not only to grow our footprint but to enhance the lives of Africans,” said Clayton Hayward, Group CEO of EFTCorp. “This partnership is a win-win, and it goes beyond simple transactions. By enabling banks, telcos, and fintechs to connect with one another, we’re fostering a comprehensive financial ecosystem.”
Mr Hayward emphasises that EFTCorp’s priority is to make Africa’s financial infrastructure more inclusive, noting that the continent’s youth population expects modern, forward-thinking solutions. “Digital transformation is not just a trend; it’s an expectation. Through this collaboration, we aim to set a new standard for financial access and service delivery in Africa,” he said.
As Africa’s population doubles by 2050, with the potential to become a global economic powerhouse, Visa and EFTCorp’s partnership will pave the way for a robust, interconnected financial network that empowers individuals, businesses, and communities and fosters a digitally inclusive future that supports sustainable development.