The financial landscape across Africa is set for a seismic shift, as EFT Corporation (EFTCorp) and Visa unveil a transformative five-year partnership designed to elevate digital payments and broaden financial inclusion across the continent. With a shared vision to drive innovation, empower fintech startups, and improve consumer experiences, this strategic collaboration comes at a time of unprecedented growth opportunities in Africa’s fintech ecosystem.
This partnership holds the potential to revolutionize Africa’s digital economy by equipping fintech startups with essential tools, providing financial inclusion to millions, and positioning Visa and EFTCorp as leaders in the African payments ecosystem. The alliance aligns with Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and highlights EFTCorp’s extensive experience in digital banking solutions across Africa. With a strong focus on inclusion, local market insights, and innovation, the collaboration will see EFTCorp’s established infrastructure and Visa’s global expertise jointly facilitating the continent’s transition towards a cashless society.
According to the partnership announcement, the collaboration will target critical areas in Africa’s digital payments industry. By combining Visa’s vast global experience and resources with EFTCorp’s in-depth understanding of local markets and technology, the partnership is set to increase access to digital payments while providing essential financial services to underbanked and underserved populations.
A critical goal of the collaboration is to support the rapid growth of African fintech startups. Fintechs across Africa are invited to join an exclusive program within this partnership, granting them the unique opportunity to accelerate their growth, leverage EFTCorp’s established platform, and drive cutting-edge innovation in digital payments. This initiative is not only about scale but also about enabling fintechs to overcome market-specific challenges while enhancing their capacity to serve diverse financial needs.
“This partnership is a win-win for everyone involved,” said Clayton Hayward, Group CEO of EFTCorp. “Visa brings a level of commitment and investment to this partnership that strengthens both of our positions in the market, but more importantly, it offers fintechs across Africa the infrastructure and expertise to transform their ideas into real solutions for consumers.”
Africa’s fintech sector has been on an upward trajectory, fueled by a young, tech-savvy population and rapid mobile phone adoption. The continent’s digital payments market presents a unique growth opportunity, particularly in the areas of digital banking, card issuance, and online payments. According to McKinsey, 250 million Africans are expected to join the consuming class by 2030, unlocking $3 trillion in consumer spending. Visa’s commitment to investing $1 billion in Africa is aligned with this projection, supporting digital transformation efforts and making services more accessible.
EFTCorp’s role as a program manager and issuer processor in this partnership underscores its capability to provide end-to-end banking services across Africa. With over 20 years of experience, EFTCorp has built strong relationships with banks, governments, and fintechs, supplying solutions such as card issuance, wallets, mPOS (mobile point-of-sale) systems, and KYC (know-your-customer) processes. Its extensive product suite, combined with Visa’s support, creates a powerful platform to foster innovation and financial inclusion on a large scale.
Visa and EFTCorp’s joint program aims to empower African fintechs by offering them access to resources, including prepaid and debit card programs tailored for various market needs. Participating fintechs will gain support in product design, compliance, customer experience, and marketing, allowing them to improve their offerings and strengthen their positions in local markets.
“This collaboration with Visa reaffirms our commitment to supporting fintechs across Africa,” said Hayward. “By facilitating access to comprehensive payment solutions, we’re empowering startups to scale, connect with new customers, and ultimately improve financial access across Africa.”
In addition to the partnership’s emphasis on payments and digital solutions, EFTCorp will host roundtable engagements in countries like Kenya, Ethiopia, and Ghana to address unique local challenges and identify tailored opportunities. These sessions will bring fintechs, government representatives, and industry stakeholders together to foster discussions on overcoming infrastructure limitations, regulatory hurdles, and market fragmentation issues.
Financial inclusion remains a primary goal for EFTCorp and Visa, both of whom recognize that digital transformation is key to reducing Africa’s unbanked population. Currently, a significant portion of the African population lacks access to basic banking services. In this partnership, Visa and EFTCorp will leverage digital solutions to make financial services more accessible, with plans to target diverse consumer demographics, including small businesses and rural communities.
“Access to financial services is the foundation of financial inclusion, particularly for Africa’s young population,” emphasized Hayward. “Digital transformation is not only necessary but urgent, and we’re excited to provide solutions that meet the needs of African consumers.”
Visa’s Senior Vice President and Head of Sub-Saharan Africa, Aida Diarra, highlighted how the partnership’s efforts align with Visa’s mission to connect people through secure and accessible payment systems. “Our goal is to uplift African economies by delivering unmatched payment solutions that empower individuals, businesses, and entire communities,” said Diarra. “This partnership brings us one step closer to a financially inclusive future for Africa.”
As part of this partnership, EFTCorp has introduced a new division, EFT Ventures, designed to explore and develop transformative digital solutions tailored to Africa’s unique market needs. The collaboration with Visa marks the division’s first significant project, reinforcing EFTCorp’s commitment to sustainable and inclusive growth. The creation of EFT Ventures represents a pivotal moment for EFTCorp, enabling the company to dive deeper into advanced technology, venture capital, and innovative financial services tailored specifically for Africa’s markets.
Hayward noted that EFT Ventures was established with a clear purpose: to be a connector across sectors, fostering collaboration among banks, telecommunications companies, retailers, and governments. “Our intention with EFT Ventures is to become the common thread that ties together the digital economy across Africa,” said Hayward. “This partnership with Visa is a substantial first step towards that vision.”
Visa’s $1 billion commitment to Africa’s digital economy goes beyond this partnership. It is part of a broader initiative aimed at supporting financial inclusion, boosting digital infrastructure, and enhancing payment systems across the continent. Visa has already made strides in developing accessible digital payment solutions for African markets, including mobile wallets and payment apps. This latest collaboration with EFTCorp will add to these efforts by driving innovation and making digital services more accessible.
Africa has seen a steady rise in digital wallet adoption as consumers increasingly opt for cashless transactions. With Visa’s support, the EFTCorp partnership can accelerate this trend, particularly in markets where banking infrastructure is less established. Moreover, by focusing on regions with lower financial service penetration, the partnership aims to address the needs of underserved populations while also stimulating local economies.
Visa and EFTCorp’s partnership is expected to catalyze the digital payments ecosystem across multiple African countries, with Kenya, Ethiopia, and Ghana identified as key markets. The selection of these countries reflects their rapid adoption of fintech solutions and burgeoning digital economies. By implementing tailored programs in each region, the collaboration seeks to promote financial inclusion, reduce poverty, and enhance economic opportunities.
Africa’s rapid population growth is a vital factor driving demand for financial inclusion. With the continent expected to double its population by 2050, an increasing number of young consumers will require banking services that go beyond traditional methods. Digital solutions are seen as the most viable way to serve this demographic efficiently. The partnership’s focus on youth-driven solutions aligns with broader trends in Africa’s fintech sector, where innovation is being harnessed to create products that resonate with young, digital-first consumers.
The collaboration between EFTCorp and Visa is set to reshape the financial services sector in Africa, with a strategic focus on innovation, accessibility, and local relevance. By empowering fintech startups, enabling financial access for underserved communities, and driving a digital payments revolution, the partnership aims to create a financially inclusive future for millions of Africans.
The partnership’s emphasis on tailored solutions, scalability, and long-term financial inclusion underscores a deep commitment to transforming Africa’s economy. With Visa’s support and EFTCorp’s infrastructure, this alliance will undoubtedly play a pivotal role in unlocking Africa’s digital economy, setting the stage for a new era of financial empowerment across the continent.
