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Pioneering Fintech Innovation and Shaping the Future

Bold orange text reading "Fintech for Humans" in capitals with the Ukheshe "U" in the bottom right. A phone in focus shows the Ukheshe app on a smartphone.

Ukheshe’s story began with a simple question: How do you pay someone if you don’t have cash and they don’t have a bank account? The idea of bringing electronic payments to people without bank accounts might seem pretty straightforward, but it’s a game-changer for making finance more inclusive all over the world. It’s all about tackling those big gaps in wealth and opportunities that slow down progress and new ideas everywhere. 

Ukheshe has onboarded dozens of fintechs and major brands since its launch in South Africa. It’s a journey marked by a series of pioneering firsts, each contributing to Ukheshe’s place as a true trailblazer in the fintech space.  


Ukheshe has consistently led from the front with a number of industry firsts: 


  • November 2020: Ukheshe acquires Masterpass developer Oltio - the first to allow card acceptance for micro-merchants that did not have bank accounts.  

  • March 2021: Ukheshe launches the first payment card with QR, to pay and get paid.  

  • March 2021: Ukheshe and Infobip Create SA’s First WhatsApp Payment Gateway.  

  • June 2021: Ukheshe assists Telkom in launching Africa’s first virtual card for transacting on WhatsApp.  

  • November 2021: Ukheshe and Telkom launch a mobile POS solution for small businesses. 

  • March 2022: Ukheshe processes first live instant payments in MEA with Mastercard Track Instant Pay.  

  • June 2022: Ukheshe launches the first certification-free tap-on-phone payment solution.  

  • September 2022: The first non-bank in South Africa to launch VISA Acceptance Cloud for payments on an Android device.  


Closing the financial inclusion gap through embedded finance 

Most recently, Ukheshe acquired 100% of EFT Corporation Limited (EFTCorp), another market-shifting move that positions the group for market dominance.  


For those ahead of the curve, as Ukheshe has always been, there’s no slowing down. The opportunities to build new solutions are far bigger on the African continent than in established markets – a place where Ukheshe has carved out a unique niche.  


Through our proprietary Eclipse API platform, Ukheshe is fast-tracking BaaS solutions to enable the development and growth of financial service offerings across Africa and the Middle East. Eclipse exemplifies how BaaS can serve as a catalyst for closing the financial inclusion gap, offering businesses innovative ways to seamlessly integrate financial services. 


Fostering innovation and growth 

Ukheshe’s story is tied to the transformative power of fintech innovation in emerging markets. As Paul Selibas puts it: “As we look ahead, we can see the consolidation of Fintech propositions into one holistic product. This gives us a competitive edge as Eclipse is already one of the leading Banking-as-a-Service propositions in the market.”   


Our ability to identify opportunities in the African continent, a market ripe for technological disruption, has established Ukheshe as a leader in creating solutions that not only address immediate challenges but also provides long-term value for customers and support for communities. 


Banking on the Future 

2024 is already shaping up to be another year of notable firsts. Just one of these is the inaugural Banking on the Future Conference with EFT Corporation. Taking place from 13 to 15 May, the conference is a landmark event that will bring together industry leaders, innovators, and stakeholders to imagine, discuss, and shape the future of fintech in Africa – a future where Ukheshe proudly continues to lead by example. For more information about the event click here.  


With a legacy of firsts and a vision for the future, we’re not only participating in the fintech revolution but leading it, by ensuring the power of technology reaches those who need it most.  


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