Cardtonic, operated by The Tonic Technologies Ltd., is a private financial technology company headquartered in Lagos, Nigeria.
Established in 2019 by Faturoti Kayode and Balogun Usman, the company has developed into a multi-service digital platform serving users in Nigeria and Ghana, with primary offerings including a gift card trading platform, Virtual Dollar Card (VDC) services, a tech gadget marketplace known as Just Gadgets, and bill payment solutions.
The platform enables users to buy and sell international gift cards, access virtual debit cards denominated in US dollars, purchase consumer electronics, and settle utility bills through a single mobile application, available on Android, iOS, and web platforms. Cardtonic operates without external venture capital funding, a model that has allowed it to maintain strategic independence and respond directly to user needs without investor-driven constraints.
According to co-founder Faturoti Kayode, “Back in 2019, Nigerians couldn’t make simple international payments because banks had a very low card limit for international transactions. My own experience included having to buy a Sephora gift card just so I could buy some makeup products on Sephora for my girlfriend. I teamed up with Usman, and we began manually helping people use gift cards as an alternative to international payment. What started as a workaround quickly proved to be a real solution, and that’s how Cardtonic was born.”
Cardtonic was founded in Lagos in 2019 with the aim of providing a secure and efficient method for individuals to convert unused or unwanted gift cards into cash, addressing liquidity challenges faced by users holding digital assets in the form of gift cards. This service has gained relevance in Nigeria, where the gift card market is projected to reach USD 2.34 billion by 2025, growing at an annual rate of 12.8%. The rise of reselling platforms like Cardtonic shows a broader shift toward alternative payment methods amid foreign exchange restrictions and limited access to international banking.
Kayode explained the reasoning behind their growth model: “We’ve remained self-funded because the business has been able to fund itself. From the start, we made deliberate choices that allowed Cardtonic to grow profitably without raising capital. Revenue first, not vanity metrics. Patience over blitzscaling. Lean and focused operations. Timing and market understanding. It has helped us prioritize profitability, discipline, and product. We built Cardtonic into a 1.5M-user business that funds itself.”
In 2020, the company expanded its services to Ghana, responding to regional demand and positioning itself within the broader West African fintech ecosystem. This expansion enabled cross-border service delivery and access to new consumer segments. Ghana’s fintech adoption has accelerated in recent years, with over 24 million active e-money customers recorded by the Bank of Ghana as of mid-2025, illustrating the growing appetite for digital financial services.
In early 2024, Cardtonic introduced an upgraded version of its application, consolidating its core services into a single interface. The update included the launch of the Just Gadgets marketplace, integrated bill payment features, and the rollout of the Virtual Dollar Card service, which allows users to conduct international transactions using reloadable dollar-denominated cards powered by Mastercard and Visa.
On this transition, a product lead noted, “The 2024 upgrade can be likened to a turning point. We introduced new services like bills and gadgets, rolled out a refreshed user interface, and unveiled a rebranded look with a new logo, all while keeping the app fast, reliable, and secure. The goal was simple: expand what users can do in one place without compromising the speed and trust they already expect. And we’re not stopping there, we keep optimizing to ensure the experience only gets better.”
In January 2025, Emmanuel Sohe was appointed Chief Executive Officer of The Tonic Technologies Ltd., succeeding the founding leadership. Sohe brought experience in data analytics and business intelligence from previous consulting roles with organisations such as MTN Nigeria and Ecobank, marking a strategic shift towards operational scalability and product diversification.
Sohe said, “Since stepping in as CEO, I’ve focused on strengthening the foundation of our business while expanding our reach. In Nigeria and Ghana, that’s meant growing Cardtonic into more than just a gift card trading platform, today we’re a full marketplace with Virtual Dollar Cards, bills, and gadgets. We’ve also doubled down on building reliable rails and backup systems so customers don’t feel the pain of downtime. Equally important has been adapting to each market. The way we connect with users in Accra isn’t identical to Lagos, so we lean into data and local insights to shape our strategies. The result is growth that’s not just fast, but sustainable, with over 1.5M users trusting us today.”
On how data informs their operations, Sohe added, “Data is what keeps us ahead in the industry. Every transaction tells a story, how people are funding their cards, where they’re spending, and even the friction points they encounter. We don’t just track this internally; we extend it into larger research, like our Virtual Dollar Card in Nigeria Report. The study showed that over 70% of users rely on VDCs for international subscriptions and ad spend, and that high fees and failed transactions are still the biggest pain points. Insights like these push us to fine-tune our fees, strengthen reliability, and roll out upgrades like tokenized cards that work with Apple Pay and Google Pay. Listening to data is how we stay relevant. It’s the voice of our users. With data we can anticipate trends, respond quickly, and keep our product as the most trusted option for Africans who want to experience payment beyond borders.”
Cardtonic operates within a rapidly evolving fintech landscape in West Africa, where digital payment platforms are increasingly addressing gaps in financial inclusion. According to industry analysts, the company’s dual presence in Nigeria and Ghana reflects the growing integration of regional markets and the demand for accessible cross-border payment solutions.
Its self-funded model has allowed it to maintain strategic independence while adapting to local banking constraints. Observers note that platforms like Cardtonic contribute to the diversification of fintech services in Africa by combining digital asset liquidity, global payment access, and everyday utility functions under one brand.
As of 2025, Cardtonic continues to operate actively in both Nigeria and Ghana with a reported employee count between 120 and 140. The company’s trajectory suggests ongoing relevance in the region’s digital finance space, particularly among users seeking alternatives to traditional banking infrastructure.
