Cardtonic

Cardtonic is a Nigerian financial technology company that provides a platform for gift card exchange, virtual payment services, and the purchase of consumer ele

Cardtonic
Cardtonic
TypePrivate
IndustryFintech
Founded2018
FounderFaturoti Kayode
Balogun Usman
HeadquartersLagos, Nigeria
Area served
Nigeria
Ghana
Key people
Emmanuel Sohe (CEO)
Websitecardtonic.com

Cardtonic is a Nigerian financial technology company that provides a platform for gift card exchange, virtual payment services, and the purchase of consumer electronics.[1] Founded in 2018 by Faturoti Kayode and Balogun Usman, the company is headquartered in Lagos and operates in Nigeria and Ghana.[2]

Originally a manual gift card reselling business, Cardtonic launched its first mobile application in 2020 to automate transactions.[3] In 2024, the company expanded beyond gift‑card trading to include a virtual dollar card, bill‑payment services and a marketplace for consumer electronics.[1] According to Africa Business Communities, the company had more than 1.5 million users by 2025.[4]

The company is privately held and has expanded without taking external venture capital funding.[1] As of 2025, Emmanuel Sohe serves as chief executive officer.[5]

History

Cardtonic was founded in 2018 by Faturoti Kayode and Balogun Usman as a manual gift card reselling service.[2] The company's early operations involved acquiring discounted gift cards and selling them to individual customers.[2]

By 2019, Cardtonic's customer base had expanded to include small online merchants and dropshipping businesses.[2]

In 2020, Cardtonic launched its first mobile application, which automated previously manual transactions.[4] That same year, the company expanded operations into Ghana.[1]

A redesigned version of the mobile app was introduced in 2022, and Africa Business Communities reported more than 650,000 active users by the end of that year.[4]

Between 2023 and 2024, Cardtonic introduced additional services, including a virtual dollar card, bill payment features, and a consumer electronics marketplace.[2][3] By 2025, the company had more than 1.5 million users.[4]

Products and offerings

Cardtonic's initial offering was gift card exchange, which enabled users to trade gift cards from various international retailers.[6] Between 2023 and 2024, the company introduced additional services, including a virtual dollar card, bill-payment features, and a consumer electronics marketplace.[7][8]

Community initiatives

Cardtonic launched its community programme, Cardtonic Cares, in 2022.[9] The initiative supports nonprofit organisations and local outreach efforts in Nigeria.[9][10]

The company also operates Upskill, a programme introduced in 2022 that provides laptop computers to selected young tech enthusiasts in Nigeria.[11][10]

In 2025, Cardtonic established Tonic FC, a grassroots football club focused on youth development.[12] The club competes in the Nigerian Nationwide League One and has a recruitment and development structure focused on young players.[12][13] In the same year, Punch reported that five players from Tonic FC were signed by SC Esmoriz, a Portuguese football club.[14]

Awards

Cardtonic was named Startup of the Year at the 2025 MOI Awards, a business and creative industry awards programme held annually in Nigeria.[15]

References

  1. ^ a b c d Michael, Chisom (2025-09-27). "Cardtonic's journey: From gift card trading to digital finance". BusinessDay. Lagos, Nigeria. Retrieved 2025-10-22.
  2. ^ a b c d e "From Gift Cards to Fintech: Inside Nigerian Cardtonic's Bootstrapped Story". WeeTracker. 2025-09-23. Retrieved 2025-10-22.
  3. ^ a b Ayemoba, Marketing Report | Andrea. "[Interview] Kayode Faturoti, Co-Founder, Cardtonic, Nigeria". MAfrica Business Communities. Retrieved 2025-12-04.
  4. ^ a b c d Kanali, Marketing Report | Nixon. "How Nigerian fintech startup Cardtonic is redefining cross-border payments". MAfrica Business Communities. Retrieved 2025-10-22.
  5. ^ Ayemoba, Marketing Report | Andrea. "[Interview] Emmanuel Sohe, CEO, Cardtonic, Nigeria". MAfrica Business Communities. Retrieved 2025-12-04.
  6. ^ "Making the Best of Surge in Gift Card Trading". This Day. Retrieved 2025-12-04.
  7. ^ Nwosu, Emmanuel (2025-08-23). "Cardtonic wants to be a super app for payments and e-commerce". TechCabal. Retrieved 2025-10-22.
  8. ^ "Inside Nigeria's USD 2 B Gift Card Economy: From Liquidity Fix to Fintech Feature". WeeTracker. 2025-09-09. Retrieved 2025-12-04.
  9. ^ 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.
  10. ^ a b 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.
  11. ^ Hamzat, Rasheed (2025-06-24). "How Nigeria's Cardtonic is Quietly Powering Africa's Next Tech Generation". Techparley Africa. Retrieved 2025-12-04.
  12. ^ a b 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.
  13. ^ 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.
  14. ^ Report, Agency (2025-09-24). "Portuguese club sign five players from Lagos-based Tonic FC". The Punch. Retrieved 2025-12-04.
  15. ^ 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.

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