The company, which offers payment services and agency banking solutions, plans to extend its operations into 29 African countries in the first half of the year, aiming to become a major payments infrastructure provider across the continent.
The company’s Chief Executive Officer, Emmanuel Ojo, disclosed the plans in an interview with Bloomberg.
What Redtech Is Saying
Ojo said the company is considering a Series A funding round after laying the groundwork for its continental rollout.
“We have been scaling up very fast,” he said. “The business has now reached a more mature stage, and we need additional equity to support expansion and introduce new products across Africa.”
He added that Redtech expects significant growth in platform activity over the next two years. The company projects annual transaction volumes to rise to about 100 billion transactions, up from 25 billion recorded last year.
Similarly, the total value of transactions processed is expected to increase to N100 trillion, from about N30 trillion in 2025. These projections reflect Redtech’s ambition to establish itself as a key payments backbone across multiple African markets.
Backstory and Market Context
Redtech’s growth strategy is aligned with broader trends in Nigeria’s fintech sector, driven largely by the Central Bank of Nigeria’s continued push for cashless transactions.
The startup has already deployed more than 30,000 point-of-sale devices nationwide and recently launched a payment gateway, positioning it to compete more directly with established fintech companies such as Moniepoint Inc. and Flutterwave Inc.
Redtech operates under Heirs Holdings, the diversified investment group founded by Tony Elumelu. The group has interests across banking, energy, hospitality, and technology. Elumelu is also the largest investor and chairman of United Bank for Africa (UBA) Plc, one of Africa’s largest banks by footprint.
The backing of the Heirs ecosystem provides Redtech with strategic support and industry connections that could enhance its cross-border ambitions.
Competition and Market Dynamics
However, the fintech space is becoming increasingly competitive. Flutterwave, which operates in about 35 African countries, recently announced plans to acquire Nigerian open-banking platform Mono Technologies to strengthen its offerings.
Other major players, including Chipper Cash and mobility-fintech firm Moove, have also been expanding aggressively across the continent, intensifying the competition for market share.
Redtech’s Long-Term Outlook
Despite the crowded landscape, Redtech believes the scale of Africa’s underbanked population and the rapid shift toward digital payments present significant long-term opportunities.
If completed, the proposed $100 million capital raise would be used to deepen market penetration, enhance technology infrastructure, and support regulatory compliance across multiple jurisdictions.
As African fintech continues to attract both global and regional capital, Redtech’s expansion plans position it among the emerging homegrown players aiming to build pan-African platforms capable of competing with established market leaders.