Founded in 2020, Redtech is a unit of Heirs Holdings, Elumelu’s investment group with interests spanning energy, hospitality and banking. Elumelu is also the largest shareholder and chairman of United Bank for Africa Plc.
The expansion strengthens Elumelu’s presence in Nigeria’s rapidly growing payments market, which has been supported by the central bank’s push for cashless transactions.
As part of its growth strategy, Redtech plans to integrate its infrastructure with United Bank for Africa’s cross-border network and other financial institutions, enabling it to process transactions in 54 African countries by the end of the year.
The Lagos-based company, which offers payment services and agency banking in Nigeria, plans to enter 29 African countries in the first half of the year, Chief Executive Officer Emmanuel Ojo said.
Rapid growth
Redtech said it processed $20.6 billion (₦30 trillion) in total transactions in the 2025 financial year, ranking it among the highest-volume payment processors in Nigeria. The performance was driven by strong growth across its RedPay platform, including its point-of-sale network, merchant collections and digital payment channels.
The company expects annual transaction volumes on its platform to rise to 100 billion within the next two years.
Competition in Africa’s fintech sector is intensifying. Flutterwave, which operates in about 35 African countries, said earlier this month it plans to acquire open-banking platform Mono Technologies Nigeria Ltd. Other rivals, including Chipper Cash and Moove, are also expanding across the continent.
