NEWS
Mike Smits appointed Group MD as EFT expands in Ethiopia, Kenya, DRC
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.
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 fintech, EFTCorp continues to develop modern, tailored payment solutions that address local market needs while advancing digital transformation across Africa
As each of Ethiopia, the DRC and Kenya’ s governments improve their regulatory environments and work to promote the
Mike Smits
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 fintech. 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, fintech and the banks and telcos in advancing digital transformation.
“ 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.
Raxio secures $ 100M financing from IFC to develop colocation data centres
Raxio Group, a Sub-Saharan African data centre platform, has signed an agreement for $ 100 million in financing from the International Finance Corporation, IFC, a member of the World Bank Group. The funding will accelerate Raxio’ s expansion of facilities powering key technologies like AI, cloud computing and digital financial services – critical enablers of Africa’ s economic growth and digital inclusion.
The debt funding from IFC will help Raxio double its deployment of high-quality colocation data centres within three years, addressing growing demand in underserved markets across the continent. The company is developing a Sub-Saharan African regional data centre platform in countries including Ethiopia, Mozambique, Democratic Republic of Congo, Côte d’ Ivoire, Tanzania, and Angola.
Raxio is committed to bridging Africa’ s digital divide by introducing Tier III-certified,
carrier-neutral, and secure data services to markets that have been overlooked by other providers. With a focus on high-growth areas, the company is tapping into regions with significant economic potential to unlock new opportunities across the continent.
“ Raxio’ s business model shows how digital infrastructure can empower businesses, governments and communities to thrive in the digital economy,” said Sarvesh Suri, IFC
Sarvesh Suri
Regional Industry Director, Infrastructure and Natural Resources in Africa.
“ This funding from IFC is a powerful endorsement of Raxio’ s vision and operational excellence,” said Robert Skjødt, CEO of Raxio Group.
Robert Skjødt
IFC’ s commitment builds on earlier debt funding from Proparco and the Emerging Africa Asia Infrastructure Fund and equity investments from Roha Group and Meridiam.
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