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Cardtonic
[edit] | |
| Company type | Public |
|---|---|
| Industry | Fintech |
| Founded | 2018 |
| Founder | Faturoti Kayode and Balogun Usman |
| Headquarters | Lagos, Nigeria |
Area served | Nigeria and Ghana |
Key people | Emmanuel Sohe (CEO) and Ann Mbene |
| Website | https://cardtonic.com/ |
Cardtonic is a Nigerian financial technology (fintech) company that operates a digital platform for gift card exchange, virtual payment services, and consumer electronics purchases. The company was founded in 2018 by Faturoti Kayode and Balogun Usman and is headquartered in Lagos, Nigeria, with operations in Nigeria and Ghana.[1]
Cardtonic initially began as a manual gift card reselling business before launching its first mobile application in 2020, which automated most transactions.[2] The company later broadened its service offerings in 2024 and, according to Africa Business Communities and other independent outlets, was reported to have grown to more than 1.5 million users by 2025.[3]
The company and its leadership have been profiled in African technology and business media, including WeeTracker, BusinessDay, and TechCabal.[1][2][4] As of 2025, Emmanuel Sohe serves as chief executive officer.[5]
History
[edit]Cardtonic was founded in 2018 by Faturoti Kayode and Balogun Usman as a manual gift card reselling service.[1] The company’s early operations involved acquiring discounted gift cards and selling them to individual customers.[1]
By 2019, Cardtonic’s customer base had expanded to include small online merchants and dropshipping businesses, with more than 2,000 active users reported that year.[1]
In 2020, Cardtonic launched its first mobile application, which automated previously manual transactions and supported a rise in usage, with more than 50,000 active customers reported by year-end.[3] That same year, the company expanded operations into Ghana.[6]
In 2021, Nigerian commercial banks reduced international spending limits on naira debit cards to as low as US$20.[7] The restriction contributed to wider demand for alternative payment options in the country, and Cardtonic’s active user base was reported to have grown to more than 300,000.[3]
In 2022, Cardtonic released a redesigned version of its mobile app and expanded its service categories, with independent outlets reporting more than 650,000 active users by the end of the year.[3]
Between 2023 and 2024, Cardtonic introduced additional services, including a virtual dollar card, bill payment features, and a consumer electronics marketplace.[1][8]These expansions coincided with continued growth in the platform’s user base, with over 1.5 million users by 2025.[3]
Products and offerings
[edit]Cardtonic’s platform supports several digital transaction services. Its initial offering was gift card exchange, allowing users to buy and sell gift cards from various international retailers.[9]
Between 2023 and 2024, the company expanded its services to include a virtual dollar card for international online payments, bill settlement features, and a consumer electronics marketplace for items such as mobile devices and accessories.[4][10] These additions formed part of the broader transition of the platform into a multi-service marketplace.[4]
Social impact
[edit]Cardtonic launched its community initiative, Cardtonic Cares, in 2022 to support nonprofit organisations and local outreach programmes in Nigeria.[11] The programme has been covered in reports detailing its partnerships with charities and its involvement in education, nutrition, and community support activities.[11][12]
The company also operates Upskill, a programme introduced in 2022 that provides selected young technology enthusiasts with laptop computers.[12] Independent coverage has highlighted the initiative's annual editions and the distribution of devices to beneficiaries.[13][12]
In 2025, Cardtonic established Tonic FC, a grassroots football club aimed at youth development.[14] The club competes in the Nigerian Nationwide League One and has been covered by media outlets for its community-based recruitment approach and player development structure.[15][16]
Awards
[edit]Cardtonic was named Startup of the Year at the 2025 MOI Awards, a business and creative industry awards programme held annually in Nigeria. [17]
References
[edit]- ^ a b c d e f "From Gift Cards to Fintech: Inside Nigerian Cardtonic's Bootstrapped Story". WeeTracker. 2025-09-23. Retrieved 2025-10-22.
- ^ a b Michael, Chisom (2025-09-27). "Cardtonic's journey: From gift card trading to digital finance". Businessday NG. Retrieved 2025-10-22.
- ^ a b c d e Kanali, Marketing Report | Nixon. "How Nigerian fintech startup Cardtonic is redefining cross-border payments". MAfrica Business Communities. Retrieved 2025-10-22.
- ^ a b c Nwosu, Emmanuel (2025-08-23). "Cardtonic wants to be a super app for payments and e-commerce". TechCabal. Retrieved 2025-10-22.
- ^ Ayemoba, Marketing Report | Andrea. "[Interview] Emmanuel Sohe, CEO, Cardtonic, Nigeria". MAfrica Business Communities. Retrieved 2025-12-04.
- ^ Akinsanmi, 'Sola (2025-08-29). "Cardtonic expands fintech operations in Nigeria, Ghana". The Guardian Nigeria News - Nigeria and World News. Retrieved 2025-10-23.
- ^ Ajifowoke, Michael (2022-03-11). "Nigerian banks cut dollar spending limit for naira debit cards". TechCabal. Retrieved 2025-12-04.
- ^ Ayemoba, Marketing Report | Andrea. "[Interview] Kayode Faturoti, Co-Founder, Cardtonic, Nigeria". MAfrica Business Communities. Retrieved 2025-12-04.
- ^ "Making the Best of Surge in Gift Card Trading – THISDAYLIVE". Retrieved 2025-12-04.
- ^ "Inside Nigeria's USD 2 B Gift Card Economy: From Liquidity Fix to Fintech Feature". WeeTracker. 2025-09-09. Retrieved 2025-12-04.
- ^ a b Ashiru, Grace (2025-09-02). "Transaction-Based Charity Model Drives Consistent Community Outreach in Nigeria's Fintech Sector". Tech In Africa. Retrieved 2025-12-04.
- ^ a b c Press, NM. "Building Sustainable Futures: Cardtonic upskills, reaches communities (2022–2025) - Nairametrics". nairametrics.com. Archived from the original on 2025-09-08. Retrieved 2025-12-04.
- ^ Hamzat, Rasheed (2025-06-24). "How Nigeria's Cardtonic is Quietly Powering Africa's Next Tech Generation". Techparley Africa. Retrieved 2025-12-04.
- ^ Nkosi, Mamsi (2025-09-09). "From Fintech to Football: Cardtonic Launches Tonic FC to Power Grassroots Talent in Nigeria". IT News Africa | Business Technology, Telecoms and Startup News. Retrieved 2025-12-04.
- ^ Eludini, Tunde (2025-08-29). "Football and youth empowerment: How Tonic FC is building opportunities for Nigeria's grassroots talents". Premium Times. ISSN 2360-7688. Retrieved 2025-12-04.
- ^ Report, Agency (2025-09-24). "Portuguese club sign five players from Lagos-based Tonic FC". Punch Newspapers. Retrieved 2025-12-04.
- ^ Onibalusi, Ayodeji (2025-12-02). "Adekunle Gold, Tunde Onakoya, Mama Deola Win Big at the MOI Awards – Full list of winners". OYO Gist. Retrieved 2025-12-04.