EFT Corporation has appointed Mike Smits as Group Managing Director formalising his leadership in day-to-day operations and strategic growth. Previously Chief Financial Officer (CFO), Smits’ appointment reflects EFTCorp’s commitment to accelerating digital financial transformation across Africa, particularly in high-growth markets such as Ethiopia, the DRC, and Kenya.
“With a strong background in business growth and market expansion, this role allows me to focus on operational execution, market expansion, and customer engagement which is the best fit for where the company is now as we expand our presence in African growth markets,” says Smits.
EFTCorp’s expansion into high-growth markets, most notably Ethiopia, the DRC, and Kenya aligns with Smits’ expertise in market expansion and fintech innovation. As a trusted partner to banks and fintechs, EFTCorp continues to develop modern, tailored payment solutions that address local market needs while advancing digital transformation across Africa
“This is a very exciting time for me professionally as well as for the company,” said Smits. “Our focus on these new markets offers a great opportunity to make a positive impact in countries that currently have low digital enablement, outdated banking infrastructure but huge potential for the advancement of financial inclusion for many millions of people,” he added.
As each of Ethiopia, the DRC and Kenya’s governments improve their regulatory environments and work to promote the transition away from predominantly cash driven economies, EFTCorp is forging partnerships with financial institutions in those countries to facilitate greater digital adoption. The company is investing in local data centres that support on-soil processing and that ensure compliance with national data regulations. Furthermore, the company’s platform aggregates financial services in each country, reducing duplications by local fintechs. Given the maturity level of these markets, where many banks and telcos are working in silos, it is impossible for any single company to drive digital adoption alone and EFTCorp recognises the importance of partnerships – with card schemes, national switches, fintechs and the banks and telcos in advancing digital transformation.
Regional strategy
“Many operators in Africa view the continent as a homogenous market, but EFTCorp recognises regional and national nuances and works to find appropriate solutions in the country context,” says Smits. “In some regions, we obtain our own licences, whereas in others we partner with licenced local entities to streamline payment adoption,” he says, adding that their sensitivity to prevailing local conditions is important for their success in new territories.
EFTCorp maintains a consistent strategy, but its executions are tailored per country. In mature markets the company enhances existing financial infrastructure, whereas in growth markets such as Kenya, Ethiopia and the DRC they are investing in foundational banking technology to build digital ecosystems from the ground up.
Ethiopia
Ethiopia’s regulatory reforms have opened the market to international players, creating opportunities for digital banking expansion. EFTCorp is actively collaborating with local banks and national switches to integrate mobile wallets, card issuing, and seamless digital payment solutions, ensuring a more inclusive and scalable financial ecosystem.
Democratic Republic of Congo (DRC)
The DRC remains a predominantly cash-driven economy, with banking infrastructure still developing. EFTCorp is working with both government stakeholders and private-sector players to introduce low-cost, scalable digital payment solutions that promote financial inclusion. A key initiative supporting the national healthcare system is currently underway, which aims to integrate financial access into essential public services.
Kenya
Kenya has a mature mobile money market, but banks and fintechs are looking for alternative digital payment solutions. EFTCorp provides real-time transactions, merchant payments, and interoperability solutions, helping financial institutions diversify their offerings and strengthen the country’s digital finance landscape.
“Our growth is the continent’s growth, and our success is Africa’s success,” says Smits. “The economic development of countries like Ethiopia, Kenya and the DRC depends on moving into the digital age and EFTCorp is perfectly positioned to assist the financial sector to make that transition.”
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