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Redtech FT Africa Fastest Growing Companies Ranking Highlights Fintech Growth

Habeeb Ajala
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Redtech FT Africa Fastest Growing Companies Ranking Highlights Fintech Growth

Redtech FT Africa Fastest Growing Companies ranking has placed the Tony Elumelu-backed firm among the continent’s top performers, marking a major milestone for the African payment infrastructure company.

Redtech, backed by Heirs Holdings and supported by Tony Elumelu, ranked 32nd out of 130 companies in the 2026 list published by the Financial Times in partnership with Statista. The company also made the top 15 fastest-growing fintech firms in Africa in its first appearance.

Redtech FT Africa Companies Ranking Validates Growth

The Redtech FT Africa Fastest Growing Companies ranking is based on revenue growth between 2021 and 2024. Companies were assessed using compound annual growth rate and had to meet strict requirements, including minimum revenue levels and independent growth.

Redtech’s inclusion confirms its rapid expansion as a key player in Africa’s payment infrastructure space.

RedPay Drives Redtech FT Africa Success

A major driver behind the Redtech FT Africa Fastest Growing Companies ranking is its platform, RedPay. The system helps businesses manage payments across both physical and digital channels.

Through RedPay, companies can collect, process, confirm, and manage funds using secure and scalable technology designed for African markets.

Partnerships Strengthen Redtech FT Africa Companies Position

Redtech recently formed a partnership with MTN and United Bank for Africa to expand cardless payment options in Nigeria.

According to Tony Elumelu, this kind of investment shows how African businesses can grow by building solutions tailored to local needs. He described Redtech’s progress as an example of “Africapitalism,” where businesses create both profit and broader economic value.

Strong Numbers Behind Redtech FT Africa Fastest Growing Companies

The company’s performance supports its position in the Redtech FT Africa Fastest Growing Companies ranking:

  • Total transactions processed reached $27 billion, up from $8.9 billion in 2024
  • Over 55,000 RedPay POS terminals deployed across Nigeria within 16 months
  • Payment services expanded to five West African countries, including Benin and Senegal

These figures show rapid growth in both scale and market reach.

Expansion Plans After Recognition

Redtech operates under licences from the Central Bank of Nigeria and has approvals from the Nigerian Communications Commission.

Looking ahead, the company plans to expand its payment infrastructure into up to 29 African countries. CEO Emmanuel Ojo said the focus is on building reliable systems that help businesses grow and serve customers better.

Heirs Insurance Launches Nigeria’s First Multi-Language AI Insurance Assistant

Sodiq Ajala
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Heirs Insurance Launches Nigeria’s First Multi-Language AI Insurance Assistant

Heirs Insurance Group has launched a new generative artificial intelligence assistant called Prince AI, becoming the first insurance company in Nigeria to introduce a multi-language AI assistant for customer service and insurance support.

The company said the launch is part of its wider digital transformation efforts and its mission to make insurance easier, more accessible, and more inclusive for Nigerians.

The announcement comes as Heirs Insurance Group approaches its fifth anniversary, marking five years of expanding its services through technology and customer-focused innovation.

Prince AI is designed to answer customer questions instantly and provide guidance on insurance products and services. In addition to helping customers understand Heirs Insurance policies, the assistant can also respond to general insurance-related questions, helping users learn about coverage options and choose policies that fit their needs.

One of the key features of the AI assistant is its support for multiple languages. Prince AI can communicate in English, Yoruba, Igbo, Hausa, French, German, Spanish, Portuguese, Chinese, and several other languages. The company says this is aimed at reducing language barriers and helping more people access insurance services comfortably in their preferred language.

The AI assistant also allows customers to buy and renew insurance policies, start insurance claims, and track the progress of those claims. Customers can access Prince AI through WhatsApp, the SimpleLife Mobile App, and the Heirs Insurance website.

Peace Okhianmhense-Philips, Chief Digital Officer of Heirs Insurance Group, described the launch as an important step in the company’s digital growth.

According to her, the company is using generative AI not only to improve speed and efficiency but also to create a more personal and accessible customer experience. She added that the technology will help the company better understand customer needs and provide faster support.

Heirs Insurance explained that Prince AI uses adaptive intelligence, meaning the system improves over time through customer interactions. The company also said human representatives will continue to work alongside the AI assistant to provide expert guidance whenever customers need more detailed support.

Heirs Holdings, the parent company of Heirs Insurance Group, has investments in 24 countries across four continents. The insurance group includes Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serving both businesses and individual customers throughout Nigeria.

The company says the launch of Prince AI reflects its broader goal of promoting financial inclusion and expanding digital insurance access across the country.

Ghana Pushes Deeper Into AI Leadership With New One Vecta Summit Partnership

Sodiq Ajala
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Ghana Pushes Deeper Into AI Leadership With New One Vecta Summit Partnership

Samuel Nartey George, Ghana’s Minister for Communications, Digital Technology and Innovations, has held talks with AlphaVecta Technologies Limited about a new partnership for the One Vecta Summit 2026, which is expected to take place in September in Accra.

The meeting included a delegation led by AlphaVecta Chief Executive Officer Carlos Amoako. During the discussions, the company formally asked George to serve as chair and continental patron of the summit.

Organisers say the event will bring together government ministers, regulators, investors, and technology leaders from across Africa. The summit is expected to focus on artificial intelligence adoption, digital transformation, and cooperation between African countries on technology policy and innovation.

During the talks, George stressed that Ghana wants to move beyond simply hosting AI discussions and instead become a country that builds the systems needed to support AI development. He revealed that Ghana’s Cabinet has approved a $250 million investment for a national AI compute centre.

According to the minister, the centre will support AI research, development, and deployment in important sectors such as agriculture, healthcare, education, and financial services. The facility is also expected to support neighbouring countries in the region.

George also highlighted Ghana’s growing role in technology diplomacy across Africa. He pointed to ongoing discussions with Zambia and Malawi to export digital systems, including national identity technology.

He instructed technical teams to continue discussions with AlphaVecta in areas connected to Ghana’s national priorities, including healthcare, education, financial inclusion, e-governance, and digital infrastructure.

The One Vecta Summit follows earlier AI events organised by AlphaVecta in Ghana. In September 2025, the company partnered with the Ministry of Communication, Digital Technology and Innovation to host the first Pan African AI Summit in Accra.

That summit attracted around 1,000 participants and more than 43 speakers from over 30 countries. It also led to the announcement of a $1 billion Ghana-United Arab Emirates Innovation and Technology Hub planned for construction in Ningo Prampram.

Africa’s AI industry is expected to grow rapidly in the coming years. The market is projected to increase from $4.51 billion in 2025 to $16.53 billion by 2030, driven by an annual growth rate of 27.42 percent.

Carlos Amoako said the One Vecta Summit will focus on turning AI discussions into real action. According to him, the event aims to deliver practical outcomes such as investment partnerships, regulatory frameworks, and clear plans for deploying AI technologies across Africa.

iStore Launches iPhone Payment Solution for South African Small Businesses

Lindsay Eke
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iStore Launches iPhone Payment Solution for South African Small Businesses

iStore South Africa has launched a new digital payment platform called iStore Pay, aimed at helping entrepreneurs and small businesses accept contactless payments directly through their iPhones.

The service was officially announced in Johannesburg on May 12, 2026, making iStore the first company to introduce Tap to Pay on iPhone in South Africa.

The solution allows merchants to accept in-person payments using only the iStore Pay app on a compatible iPhone, removing the need for traditional card machines or extra payment hardware.

Businesses using the platform can accept contactless credit and debit cards, Apple Pay, digital wallets, and other tap-to-pay payment methods.

The launch reflects the growing shift toward mobile-based commerce solutions, especially among small businesses looking for cheaper and more flexible payment tools.

According to Chris Dodd, the company sees the service as a way to make digital payments more accessible for South African entrepreneurs.

“Two decades ago, we set out to bring the very best of Apple to South Africans. With the launch of iStore Pay, that commitment now extends to entrepreneurs and small businesses,” Dodd said.

He added that enabling Tap to Pay on iPhone locally would help remove traditional barriers that often make payment acceptance difficult or expensive for smaller businesses.

iStore said the platform was designed mainly for startups, freelancers, entrepreneurs, and small businesses seeking faster onboarding and lower operational costs.

One of the main features of the service is that merchants can begin accepting payments without purchasing additional payment terminals. The company said businesses can complete setup and begin transacting in less than 15 minutes.

The pricing model is based on transaction usage rather than fixed subscriptions. Transaction fees start from 2.5 per cent, while merchants are charged a flat payout fee of R2.99.

As part of its launch promotion, iStore said businesses using the platform will receive free daily payouts until July 31, 2026.

The company also stressed the security and privacy features built into the system. According to iStore, Tap to Pay on iPhone uses Apple’s built-in security technology to protect customer information during transactions.

The company noted that card numbers and transaction details are not stored on the device or on Apple servers during payment processing.

Industry observers say the launch highlights increasing competition in South Africa’s fintech and payment technology sector, where businesses are searching for affordable digital payment systems that support mobile commerce and cashless transactions.

The development also reflects wider growth in smartphone-based payment infrastructure across Africa as more merchants adopt digital financial tools to support business operations.

Johannesburg to Host South Africa Manufacturing Show 2026 Focused on AI and Industry 4.0

Lindsay Eke
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Johannesburg to Host South Africa Manufacturing Show 2026 Focused on AI and Industry 4.0

Exito Media Concepts has announced the 33rd edition of the South Africa Manufacturing Show 2026, scheduled to take place in Johannesburg on June 11, 2026.

The event will bring together manufacturing executives, technology leaders, policymakers, and industry experts to discuss how digital technologies are reshaping South Africa’s industrial sector.

The summit comes as manufacturers across South Africa increasingly adopt Industry 4.0 technologies such as artificial intelligence, robotics, cybersecurity systems, smart factory tools, and data analytics to improve productivity and remain competitive in global markets.

According to the organisers, the event aims to help industrial leaders explore practical strategies for modernising production systems, improving operational efficiency, strengthening supply chains, and building more sustainable manufacturing processes.

The South Africa Manufacturing Show 2026 will be held at the Focus Rooms in Johannesburg and is part of Exito’s wider global manufacturing event series hosted across more than 10 cities worldwide.

Organisers said the conference is expected to attract more than 150 senior executives, directors, government representatives, and technology decision-makers from South Africa’s manufacturing ecosystem.

The event agenda will focus heavily on digital transformation and the growing role of advanced technologies in industrial operations.

Key discussion areas include artificial intelligence, Web 3.0, the Internet of Things (IoT), robotics, cybersecurity, smart manufacturing systems, and data-driven operational intelligence.

Industry leaders will also examine challenges linked to connected manufacturing environments, including cyber threats, digital skills shortages, supply chain disruptions, and sustainability requirements.

Several major manufacturing and industrial leaders are expected to speak at the event.

Confirmed speakers include Joseph Ndaba, 4IR Commissioner and CEO of Mafikeng Digital Innovation Hub; Irshaad Kathrada, CEO of the Localisation Support Fund; and Tapiwa Samanga, Group CEO of the Production Technologies Association of South Africa.

Other speakers include executives from companies such as Metair Investments Limited, Omnia Holdings, Sasol, Mahindra South Africa, and Reckitt.

Topics expected to receive strong attention include the digitisation of automotive manufacturing, smart supply chains, cybersecurity for factories, mining technology innovation, sustainable industrial development, and workforce preparation for Industry 4.0 environments.

A major feature of the event will be the “Manufacturing 100” recognition programme, which will honour South African manufacturing leaders driving innovation, operational excellence, and industrial transformation.

The summit is also Continuing Professional Development (CPD) certified, allowing participants to earn up to eight hours of CPD points.

Industry analysts say South Africa’s manufacturing sector is under increasing pressure to modernise as global production systems become more automated and digitally connected.

The event reflects broader efforts across Africa to strengthen industrial capacity, attract investment, create jobs, and improve competitiveness through technology-driven manufacturing growth.

Register now for the South Africa Manufacturing Show 2026.

Nigerian Tech Firm UNICCON Unveils Locally Built Kamikaze Drone System

Lindsay Eke
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Nigerian Tech Firm UNICCON Unveils Locally Built Kamikaze Drone System

Nigerian technology company UNICCON Group has entered the defence technology sector through its subsidiary, Babasky Technologies Babasky Technologies, unveiling a locally developed loitering munition drone system designed for modern combat operations.

The drone, introduced under the UNIKAM series, was showcased during a joint demonstration with the Defence Industries Corporation of Nigeria (DICON) at a secure military facility in Jaji, Kaduna State.

The development marks one of the first publicly presented attempts by a Nigerian company to build a domestically designed kamikaze drone system intended for military use.

Loitering munitions, often called kamikaze or suicide drones, are weapons systems designed to remain in the air while searching for targets before striking with an attached explosive payload.

According to the company, the UNIKAM drone can carry explosive payloads and strike targets within a 200-metre radius. The system also includes artificial intelligence features such as autonomous target detection, allowing the drone to identify and engage targets with limited operator intervention.

Chief Executive Officer of UNICCON Group, Chuks Ekwueme, said the company was focused on developing technology solutions designed specifically for Nigeria and Africa’s needs.

He stated that the drone and munition components were locally sourced and developed by Nigerian engineers, adding that the company plans to continue working with Nigeria’s defence industry to address growing security challenges.

The unveiling comes as Nigeria and several African countries continue to face security threats linked to insurgency, terrorism, and armed non-state groups operating across difficult terrains.

Military analysts say loitering drones have become increasingly important in modern warfare because they provide relatively low-cost precision strike capabilities while reducing risks to soldiers on the ground.

The technology has gained global attention following its use in conflicts in the Middle East and the ongoing war in Ukraine, where drone warfare has significantly influenced military strategy and battlefield operations.

UNICCON’s partnership with DICON has reportedly been active for more than two years, reflecting broader efforts by Nigeria to strengthen domestic defence manufacturing and reduce dependence on imported military technology.

The joint showcase in Kaduna also included demonstrations of electronic warfare and jamming systems developed through the collaboration.

Industry observers say the project highlights a growing interest in defence technology innovation across Africa, where governments are increasingly seeking locally built solutions that can be adapted more quickly to regional security conditions.

The development could also strengthen Nigeria’s ambition to become a more active player in Africa’s defence manufacturing sector, particularly as countries across the continent increase spending on security and military modernisation.

However, experts note that moving from prototype demonstrations to large-scale deployment will depend on factors including production capacity, regulatory oversight, military testing, operational reliability, and long-term funding.

The launch also reflects a wider trend of African technology firms expanding beyond consumer technology into sectors such as artificial intelligence, robotics, cybersecurity, and defence systems.

Orange Expands Solar-Powered Telecom Network Across Africa Amid Rising Fuel Costs

Lindsay Eke
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Orange Expands Solar-Powered Telecom Network Across Africa Amid Rising Fuel Costs

French telecom giant Orange SA is preparing to sharply increase the number of solar-powered telecom sites across Africa and the Middle East as rising fuel prices and energy challenges push operators to rethink how they power mobile networks.

The company’s Chief Executive Officer, Christel Heydemann, announced the plan during an Africa-France business summit in Nairobi, saying Orange intends to double its solar-powered base stations across the region.

The move comes as global fuel prices continue to rise following the conflict involving Iran, increasing operating costs for telecom companies that rely heavily on diesel generators to power network towers, especially in rural parts of Africa.

“The current crisis in the Middle East is making the business case even more sustainable,” Heydemann told Bloomberg Television during the summit.

According to Orange’s 2025 annual report, the company already operates clean-energy systems at around 15,000 telecom sites across 11 countries in Africa and the Middle East. These sites currently represent about 30 per cent of Orange’s total network infrastructure in the region.

Doubling that number would make solar energy the main power source for a large share of Orange’s telecom infrastructure across Africa. The company did not provide a timeline for the expansion but said further details would be announced soon.

The solar expansion forms part of a broader €5 billion investment plan by Orange for Africa and the Middle East over the next three years. The region has become the company’s fastest-growing market as competition intensifies in Europe and growth slows in its traditional markets.

Orange ended 2025 with around 179 million customers across 18 countries in Africa and the Middle East, most of them located in French-speaking African markets.

For telecom operators, powering mobile towers remains one of the biggest infrastructure challenges on the continent. In many rural areas, national electricity grids are unreliable or unavailable, forcing operators to depend on expensive diesel generators that are difficult to maintain and vulnerable to fuel price shocks.

Solar power is increasingly becoming a practical alternative because it lowers long-term operating costs, reduces fuel dependence, and improves network reliability in remote communities.

Orange is not the only telecom company moving in this direction. Across Africa, operators and tower companies are expanding the use of hybrid and solar-powered infrastructure as energy costs rise and environmental targets become more important.

Helios Towers has been converting diesel-powered sites to hybrid and solar systems across several African markets. Meanwhile, Safaricom and MTN Group are also increasing investments in cleaner energy solutions for their networks.

Orange has additionally started working with other operators to share infrastructure costs in difficult markets. Last year, the company partnered with Vodacom’s Congolese business to jointly deploy solar-powered telecom sites in rural areas of the Democratic Republic of Congo.

Industry analysts say such partnerships could become more common as telecom firms look for cheaper ways to expand internet access while managing rising energy and infrastructure costs.

The push toward solar-powered telecom infrastructure also reflects a wider trend across Africa, where improving digital access increasingly depends not only on connectivity investments but also on stable and affordable energy systems.

Guinea Secures Second Subsea Internet Cable to Boost Digital Infrastructure

Lindsay Eke
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Guinea Secures Second Subsea Internet Cable to Boost Digital Infrastructure

Guinea has signed a new agreement to expand the Medusa Submarine Cable System into the country, marking a major step in its efforts to strengthen internet connectivity and support long-term digital growth.

The project will deliver Guinea’s second subsea fibre-optic cable, with local telecom infrastructure company GUILAB SA acting as the landing partner for the cable connection.

The new cable arrives 13 years after Guinea deployed its first submarine fibre-optic link, which authorities say is now approaching full capacity due to rising internet use and growing demand for digital services across the country.

Damien Bertrand, Chief Operating Officer of Medusa, said the expansion would improve connectivity between West Africa and international digital networks while increasing resilience and network reliability.

“With the Medusa Submarine Cable System continuing to expand, we are bringing enhanced intercontinental connectivity deeper into West Africa,” Bertrand said.

He added that the extension would strengthen links between the Atlantic and Mediterranean digital corridors while helping meet increasing demand for internet capacity and improving network diversity.

Guinea’s Minister of Communication, Digital Economy and Innovation, Mourana Soumah, described the project as a strategic decision aimed at securing the country’s digital future.

“By equipping Guinea with a second submarine cable, we are making a strategic choice,” Soumah said. “We choose to secure our connectivity, strengthen our resilience, and, above all, create the conditions for the rise of our digital economy.”

The government said the Ministry of Communications, Digital Economy and Innovation has been directed to accelerate plans to triple Guinea’s current internet capacity as part of a wider digital transformation strategy.

Officials also noted that the focus will go beyond simply expanding internet infrastructure. Authorities want to ensure the network remains financially sustainable while delivering better digital access and services for citizens and businesses.

The project reflects growing efforts across West Africa to improve internet infrastructure as demand for cloud services, digital platforms, streaming, fintech, and artificial intelligence continues to rise.

Guinea said future work will include expanding fibre-optic networks across the country, improving network performance, and building stronger digital infrastructure to support economic growth and innovation.

Paradigm Initiative Reports 3.07 Billion Media Reach in 2025 Digital Rights Push

Lindsay Eke
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Paradigm Initiative Reports 3.07 Billion Media Reach in 2025 Digital Rights Push

Paradigm Initiative has released its 2025 Annual Impact Report, revealing major growth in its digital rights and inclusion work across Africa and other parts of the Global South.

According to the report, the organisation recorded a consolidated media reach of 3.07 billion during 2025 while directly reaching 1,830 beneficiaries through five key digital inclusion initiatives.

The report also showed that PIN trained 282 stakeholders through cyber law and digital rights engagements, organised 55 events, and handled 11 strategic litigation cases, including a landmark privacy ruling.

The organisation expanded its digital literacy and skills programmes through its Life Skills, ICTs, Financial Literacy and Entrepreneurship (LIFE) Legacy Programme. Training activities were carried out across 13 African countries, including Nigeria, Ghana, Kenya, Cameroon, Senegal, Tanzania, Uganda, and Zambia.

The programme focused on helping young people, women, teachers, and underserved communities improve digital skills, financial literacy, employability, and awareness of online rights.

PIN also disclosed that more than 250 judges, prosecutors, and law enforcement officials in Nigeria, Ghana, and Zambia received training through its Stemming the Tides of Abuse in Nigeria’s Digital System (STANDS) programme and related cyber law initiatives.

The organisation said the training programmes are beginning to influence legal and law enforcement practices in participating countries.

Gbenga Sesan said the year demonstrated the impact that could be achieved through sustained commitment to digital rights and inclusion work.

“2025 was also a year that reminded us of what is possible when people commit to doing much-needed work well,” Sesan said.

The report also raised concerns about growing threats to digital rights across Africa and the wider Global South.

According to PIN, many countries introduced vague cybercrime and cybersecurity laws in 2025, increasing the risks of surveillance, censorship, and misuse of enforcement powers.

The organisation further warned that internet shutdowns, online harassment, and restrictions on digital platforms continued to reduce civic space, especially during elections and periods of political tension.

“Governments accelerated the rollout of digital infrastructure while, in too many cases, sidelining the rights frameworks that should govern it,” Sesan added.

Despite these challenges, PIN said it remained committed to promoting a digital future built on inclusion, privacy, freedom of expression, safety, and human rights across Africa.

MTN Group Reports 21.1% Revenue Growth in Q1 2026

Habeeb Ajala
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MTN Group Reports 21.1% Revenue Growth in Q1 2026

MTN Group reports 21.1% revenue growth in the first quarter of 2026, driven by strong performance in Nigeria and Ghana, despite ongoing economic and global uncertainties.

MTN Group released its quarterly results for the period ending 31 March 2026, showing solid financial and operational growth. The company now serves 312.7 million customers across 19 markets in Africa.

Revenue Growth Driven by Data and Fintech

The report shows that MTN Group’s revenue growth is mainly due to strong demand for data and fintech services. Service revenue increased by 20.0% (or 21.1% in constant currency).

Data revenue rose sharply by 36.1%, while fintech revenue grew by 22.4%. The company also improved its efficiency, with EBITDA margins increasing to 47.6%.

Subscriber numbers grew by 5.4% to 312.7 million, while active data users rose by 8.7% to 175.6 million, showing continued growth in digital adoption.

Nigeria and Ghana Lead MTN Group Revenue Growth

Nigeria and Ghana played a key role in revenue growth. Nigeria recorded service revenue growth of 41.7%, while Ghana followed with 35.7%.

Other markets such as Cameroon and Côte d’Ivoire also performed strongly. However, MTN South Africa saw slower growth of 0.7% due to competition, although its business and postpaid segments remained stable.

Fintech and Mobile Money Boost MTN Group Growth

Fintech remained a major driver as Transaction volumes increased by 15.8% to 6.3 billion, while total transaction value rose by 32.8% to $163 billion.

Active mobile money users grew by 8.2% to 67.4 million. Data traffic also increased by 20.2%, reflecting rising use of digital services across Africa.

Investment and Strategy Support MTN Group Growth

Group CEO Ralph Mupita said the company delivered strong results while executing its Ambition 2030 strategy.

MTN invested R9.6 billion in network infrastructure during the quarter to improve service quality and expand coverage. The company is also progressing with fintech restructuring in Ghana and Nigeria and plans to strengthen its digital infrastructure through a proposed deal with IHS Holding.

Outlook After MTN Group Reports

Looking ahead, MTN Group reports 21.1% revenue growth as a sign of continued momentum. The company plans to focus on expanding data and fintech services, improving performance in South Africa, and managing risks such as inflation and currency changes.

MTN also highlighted strong financial discipline, with low debt levels and improved liquidity, positioning the company for sustained growth across Africa.

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