Redtech Ltd., a Nigerian fintech startup backed by billionaire investor Tony Elumelu, is planning a $100 million capital raise over the next two years. The funding will support its rapid expansion across Africa’s fast-growing digital payments market.
The Lagos-based company aims to process transactions in all 54 African countries before the end of the year. To achieve this, Redtech is deepening integrations with regional and global financial networks.
Founded in 2020, Redtech operates as a unit of Heirs Holdings, Tony Elumelu’s diversified investment group with interests in energy, hospitality, banking, and technology. Elumelu also serves as chairman and largest shareholder of United Bank for Africa (UBA) Plc.
As Nigeria accelerates its shift toward cashless transactions, Redtech continues to strengthen its position within the country’s competitive payments ecosystem. The Central Bank of Nigeria’s digital finance push has further supported the company’s expansion strategy.
According to Chief Executive Officer Emmanuel Ojo, Redtech plans to enter 29 African countries in the first half of the year. The company will also integrate its infrastructure with UBA’s extensive cross-border banking network, alongside other financial institutions.
This integration will allow Redtech to deliver seamless cross-border payments, merchant collections, and agency banking services across the continent.
Rapid Growth Fuels Expansion
Redtech recorded ₦30 trillion ($20.6 billion) in total transactions during the 2025 financial year, placing it among Nigeria’s highest-volume payment processors.
The growth came from strong adoption of its RedPay platform, which includes point-of-sale terminals, merchant payment solutions, and digital transaction channels.
Looking ahead, the company expects transaction volumes on its platform to climb to ₦100 trillion annually within two years, driven by increased merchant onboarding and continental expansion.
Rising Competition in Africa’s Fintech Space
Meanwhile, competition within Africa’s fintech sector continues to intensify. Flutterwave, which operates in over 35 African countries, recently announced plans to acquire Mono Technologies Nigeria Ltd., an open-banking platform.
Other major players, including Chipper Cash and Moove, are also accelerating expansion efforts across key African markets.
Despite the growing rivalry, Redtech believes its banking integrations, infrastructure scale, and strong institutional backing position it for long-term dominance in Africa’s digital payments economy.
