Redtech Ltd, the Lagos-based fintech powerhouse backed by Tony Elumelu’s Heirs Holdings, has officially shifted from a local infrastructure provider into an aggressive pan-African contender. Following a record-breaking 2025 financial year, the company announced an expansion drive that aims to establish its presence in 29 African countries by 2027.
With a transaction volume that surged to ₦30 trillion ($20.6 billion) in 2025—more than doubling its 2024 performance—Redtech is leveraging its deep ties with United Bank for Africa (UBA) to export its payment rails across the continent.
1. The Strategy: “Everything is on the Table”
In a recent sit-down with Techpoint Africa, CEO Emmanuel Ojo confirmed that Redtech’s “Pan-African playbook” involves more than just organic growth. To hit their 2027 target, the company is actively eyeing mergers and acquisitions.
• Strategic M&A: Acquisitions are being considered to bypass the high customer-acquisition costs (CAC) and regulatory hurdles typically faced when entering new markets.
• $100 Million Capital Raise: To fuel this expansion, Redtech is preparing to raise up to $100 million in private capital over the next two years.
• No IPO (For Now): Despite its massive scale, Ojo confirmed that a public listing is currently off the table as the company focuses on infrastructure building.
2. High-Volume Growth: By the Numbers
Redtech’s growth suggests it is successfully transitioning from a “captive” service provider for Heirs Holdings into a dominant force in the broader enterprise market.
• 2025 Transaction Volume: ₦30 trillion (approx. $20.6 billion).
• 2026–2027 Goal: Process ₦100 trillion annually.
• Merchant Growth: Over 35,000 merchants onboarded in its first full year of operation.
• POS Deployment: Targeting a network of over 100,000 POS terminals within the next 24 months.
3. The UBA Partnership and Regional Focus
Redtech acts as the “technological backbone” for UBA, serving as a systems integrator. This partnership allows Redtech to “piggyback” on UBA’s existing footprint, reducing the friction of cross-border entry.
Current Expansion Progress:
• Francophone West Africa: Redtech has already begun building mobile banking and payment infrastructure in Benin, Burkina Faso, Senegal, and Mali.
• Infrastructure Support: The company has implemented mobile banking solutions for UBA in five West African countries, with plans to support the bank’s expansion into Central Africa next.
4. Differentiator: Agency Banking & Enterprise Scale
While many fintechs are moving away from agency banking due to tightening margins, Redtech is doubling down. Ojo argues that agent networks are critical for recapitalization requirements (ahead of the CBN’s 2026 deadline) as they provide a low-cost channel for account opening and deposit mobilization.
Key competitive edge: Unlike consumer-facing apps, Redtech focuses on high-concurrency enterprise systems. By serving “high-velocity” merchants and large financial institutions, the company maintains high uptime and handles complex batch processing that smaller fintechs often struggle to manage.
