By Segun Adeyanju
Redtech Ltd., a Nigerian financial technology company backed by billionaire investor Tony Elumelu, is considering raising up to $100 million in fresh capital over the next two years to support its ambitious expansion across Africa.
The Lagos-based fintech, which offers payment services and agency banking solutions, plans to roll out operations in up to 29 African countries by early 2027, according to Chief Executive Officer Emmanuel Ojo.
Speaking in an interview with international media, Ojo said the firm will focus first on scaling its footprint and market capabilities before launching a Series A funding round to attract the targeted investment.
Redtech has rapidly grown its transaction volumes, processing an estimated ₦30 trillion (about $20.6bn) in total payments during the 2025 financial year, more than double the ₦12 trillion recorded in 2024, highlighting growing adoption of its payment platform, RedPay.
The planned capital raise is expected to deepen the company’s market penetration, enhance technology infrastructure, and support compliance across multiple African jurisdictions as it seeks to position itself as a major payments backbone on the continent.
Redtech has also deployed more than 30,000 point-of-sale (POS) devices nationwide and launched a payment gateway to support secure, scalable digital transactions, signalling its readiness to compete with established regional fintech players.
The company’s expansion plans come amid a broader surge in African fintech growth, as digital payments continue to gain traction across border.
