Redtech hits N12trillion payment transactions, eyes African expansion
Redtech, a fast-rising fintech company backed by Heirs Holdings, processed over ₦12 trillion ($10 billion) in payment transactions in 2024, marking a major milestone in its mission to build Africa's next-generation payment infrastructure.
The figure was announced by CEO, Redtech, Emmanuel Ojo, during his keynote speech at the Future of Payment Conference by BusinessDay, a premier gathering of regulators, banking executives, fintech disruptors, and investors, which was held in Lagos yesterday.
This achievement comes amidst the exponential growth of Africa's digital payment landscape, where innovation, scale, and resilience are key to winning the market.
With an expanding footprint and a growing portfolio of enterprise clients, Redtech's flagship payment platform, RedPay, is fast becoming the backbone for businesses enabling fast, secure and seamless transactions for businesses and individuals. Redtech's payment infrastructure supports high-volume operations for leading institutions across hospitality, power, energy, retail, insurance, and financial services. The company also supports financial institutions in strengthening their retail capabilities through smart, integrated payment solutions.
RedPay, its all-inclusive payment platform comprises Merchant Payment Solutions, Payment Cards, E-Commerce Gateways, Mobile Apps, Virtual Account Service, and a range of Value-Added Services.
Speaking about the milestone, Emmanuel Ojo, CEO of Redtech, said:
'At Redtech, every transaction processed through our systems reflects trust, our drive for transformation, and signals economic momentum. Payments are the foundation of modern economies, and in Africa, they hold the key to unlocking inclusive growth and connecting more people to opportunity. We're building with the purpose of driving a more connected, more prosperous Africa'.
Emmanuel also revealed the company's intention to expand into other African countries beyond Nigeria, helping businesses across the continent scale rapidly with smart payment systems.
Redtech is driven by a bold vision to power prosperity by leveraging advanced technology to create seamless, secure, and scalable payment solutions tailored specifically for African markets.
About Redtech
Redtech is a financial technology company committed to empowering individuals and businesses through innovative, reliable, and scalable payment solutions.
Its flagship platform, RedPay, supports fast, secure, and seamless transactions through a comprehensive suite of services including merchant payment solutions, payment cards, e-commerce gateways, mobile apps, virtual account services, and value-added services, tailored for modern commerce.
Redtech is an investee company and a member of Heirs Holdings Group, a leading pan-African investment company with investments across 24 countries worldwide and four continents. Operating with a Pan-African vision and global standards, Redtech delivers technology that drives economic growth across industries and borders.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
3 hours ago
- Business Insider
Top 10 African countries with the highest cumulative debt to China (2000–2023)
Over the past two decades, China's financial engagement with Africa has grown remarkably, primarily through infrastructure-focused loans. China's financial involvement in Africa has grown significantly, focusing on infrastructure-oriented loans. The Chinese Loans to Africa Database tracks loan agreements from 2000 to 2023, showing trends in lending amounts and loan dynamics. Angola leads as the top borrower, repaying loans through oil-backed mechanisms for reconstruction needs. These loans have helped build roads, railways, power plants in several African countries, but they have also raised questions about debt sustainability, repayment risks, and the long-term autonomy of African economies. The Chinese Loans to Africa Database, compiled by Boston University's Global Development Policy Center, provides a comprehensive record of loan agreements between China and African countries over a 13-year period, from 2000 to 2023. It reveals not only the total loan amounts but also the number of individual loan agreements signed between African countries and Chinese lenders. After several years of decline, Chinese lending to Africa increased in 2023 the first rise since 2016. This recent uptick shows a shift in Beijing's strategy toward projects with clearer financial viability, as China becomes more selective with its lending. Below is a ranking of the ten African countries with the highest total debt to China, based on the cumulative loan amounts and the number of loans recorded from 2000 to 2023. Rankings of top 10 African countries by debt to China Rank Country Total Loan Amount (USD) 1 Angola $46.0 billion 2 Ethiopia $14.5 billion 3 Egypt $9.7 billion 4 Kenya $9.6 billion 5 Nigeria $9.6 billion 6 Zambia $9.5 billion 7 South Africa $6.9 billion 8 Sudan $6.3 billion 9 Ghana $6.1 billion 10 Cameroon $5.9 billion Angola tops the list, borrowing $46 billion from China through 270 loans. Much of this debt stems from post-civil war reconstruction efforts, particularly in the oil and infrastructure sectors. Angola's model of repaying loans with crude oil became one of the earliest examples of resource-backed Chinese lending on the continent. Ethiopia comes second, with $14.5 billion borrowed via 66 agreements, highlighting the country's deep reliance on Chinese funds for its railways, power projects, and telecommunications infrastructure. Key developments like the Addis Ababa–Djibouti Railway have been financed almost entirely through Chinese lending. Egypt, Kenya, and Nigeria follow closely, each holding debts between $9.5 and $9.7 billion. Egypt's loans have supported transportation, electricity, and real estate projects, while Kenya's financing was pivotal in constructing the Standard Gauge Railway (SGR). Nigeria, similarly, has used Chinese funds for rail, road, and power initiatives. Zambia's debt of $9.5 billion comes from a notably high 82 loans, the largest number in the top ten. This suggests frequent borrowing, likely for smaller-scale or diversified infrastructure efforts. The remaining countries, South Africa, Sudan, Ghana, and Cameroon, each owe over $5.9 billion, reflecting years of engagement across transport, energy, and public service sectors. The growing debt to China shows Africa's dependence on external capital for development. On one hand, Chinese loans have enabled tangible infrastructure improvements that traditional Western financiers often hesitate to fund. On the other hand, the continent faces mounting concerns about debt distress, limited fiscal space, and vulnerability to external shocks.
Business Insider
7 hours ago
- Business Insider
How to dismiss a high-profile employee without a Trump-Musk-style meltdown
Star talent can be hard to retain — and even harder to let go. The public fallout between President Donald Trump and Elon Musk this week may be an extreme example of a hotshot's exit going off the rails, but leadership experts said it underscores just how dicey it can be to part ways with a high-profile team member. "These are folks with big egos," Peter Cappelli, a management professor at the University of Pennsylvania's Wharton School, told Business Insider. "Most of the time they end up in court." Saying goodbye to a prominent employee doesn't have to be dramatic. But don't assume a beefy severance package and a non-disparagement agreement are enough to leave a company unscathed. "If people want to hurt you, they'll find a way to do it," Cappelli said. "Ask divorced couples." How to sever ties with a high-profile recruit When pushing out a high-flyer, employers should frame the person's departure as business as usual, said Ronald Placone, a communications professor at Carnegie Mellon University's Tepper School of Business "You try to normalize it," he said. "Things happen, people move on." Trump initially followed conventional wisdom in how he went about booting Musk from Washington last month. The president orchestrated a warm and fuzzy public send-off, thanking Musk for his service and providing a sensible explanation for his departure—in this case, that the billionaire was going back to focusing on his work at the multiple companies he helms. More common explanations are that the fired individual has decided to pursue other career opportunities, spend time with family, or engage in philanthropic endeavors. This tactic is aimed at protecting both the departee's reputation and that of the employer showing him or her the door. "They come up with a story," said Anna A. Tavis, chair of the human capital management department at New York University's School of Professional Studies. The goal is to avoid hurting the outgoing hotshot's chances of landing a new gig and the company's ability to find a replacement. "It's a question of, how do we save face?" she said. Give people something else to talk about Employers should also aim to draw people's attention elsewhere, Placone said. "One of Trump's strategies that often works is you just flood communication channels with other stuff, stuff you perceive is more favorable to your organization," he said. "You try to take some control by giving as many potential stories as possible so people don't home in on one." Trump did make some big announcements this week, including travel bans on several African countries, but leadership experts say the president also erred by openly rebuking Musk's harsh criticism of his signature tax bill on X. This kicked off the back-and-forth squabble that captured the world's attention on Thursday. "There's no need for that," Placone said. "In these high-profile situations, you want to say as little as possible. You don't want to add weight to the argument the other is putting forth." If Trump instead kept quiet, Musk would have been more likely to stick with critiquing the bill rather than upping the ante by accusing the president of illicit behavior, he said. "It would've eventually fizzled out," Placone said. Why some A-list hires don't last Employers most commonly end up quickly sacking flashy new recruits because they aren't as talented as advertised or they insist on working in a way that doesn't align with a company's culture, Tavis said. It even happens at the very top of the corporate ladder. For example, in recent years, the chief executives of Barnes & Noble, Starbucks, and CNN were pushed out of their jobs after brief tenures. "A lot of times they're overestimating their value," she said of people with a reputation for being above the fray, adding that due to the current tight labor market, notable departures are likely to increase. Sam Faycurry, CEO of artificial-intelligence and nutrition startup Fay in San Francisco, can relate. Last year, he hired a well-known rainmaker after a lengthy courtship only to quickly conclude that the person wasn't a good fit. To avoid bad blood, Faycurry said he tried making it seem as if it was the individual's decision to leave by pointing out how much they disagreed on core principles. "This person ended up exiting themselves" without any hard feelings, Faycurry said, adding that he was relieved because his main concern was being able to refill the position with a better-aligned A-list professional. "If the person is influential in a talent pool you want to recruit people from in the future, there's no benefit to having a relationship fall out," Faycurry said. "You're never truly parting ways."
Yahoo
13 hours ago
- Yahoo
Petrobras targets Africa for oil exploration region outside Brazil
Petrobras, the Brazilian state-run oil company, is setting its sights on Africa as its primary region for oil exploration activities outside its home country, reported Reuters, citing the company's CEO Magda Chambriard. She detailed the strategic intent to expand the company's presence in Africa, highlighting the welcoming approach from the Ivory Coast and interest from other African nations. The Ivory Coast has recently paved the way for Petrobras by offering priority access to nine exploratory offshore blocks. This gesture, described by Chambriard as rolling out the "red carpet", signifies a significant opportunity for the company to delve into deep and ultra-deep waters. Chambriard said: "We are experts in the eastern margin of Brazil. The correlation between Brazil and Africa is unequivocal, so we need to go to Africa." Nigeria, Angola and Namibia have also shown eagerness to collaborate with Petrobras, further cementing Africa's role in the company's global strategy. Petrobras' growing interest in international oil assets, particularly in Africa, comes as the company aims to augment its reserves amid environmental permit delays for new drilling projects off the coast of the Amazon rainforest. Moreover, Petrobras is looking to participate in an oil block auction in India in July as part of its broader exploratory ambitions. Under past leadership, Petrobras concentrated on Brazil's pre-salt fields, which are known for their high productivity. Now, Chambriard is tasked with balancing the economic aspirations of President Luiz Inacio Lula with the necessity of delivering investor returns and navigating the complexities of a global market with lower oil prices. Despite challenges in obtaining environmental permits for drilling in the Amazon's Foz do Amazonas region, Chambriard is optimistic about clearing the final hurdle for a permit by the second half of July. Petrobras has already initiated its plans in Africa, acquiring stakes in offshore oilfields in South Africa and São Tomé and Príncipe in 2023 and early 2024, respectively, with drilling expected to commence this year. Although Petrobras faced a setback when outbid by TotalEnergies for a share in Galp Energia's Mopane field discovery off Namibia's coast, Chambriard remains hopeful for future opportunities, stating: "We hope to be invited" to develop the field. "Petrobras targets Africa for oil exploration region outside Brazil" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
