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Cardtonic Aims to Revolutionize Gift Cards in Nigeria
Nigeria’s vibrant gifting industry, currently valued at $2.1 billion, is set to grow as digital solutions make gifting more practical. Enter Cardtonic, a fintech startup determined to transform how we view and use gift cards. Born out of the frustration surrounding wasted gift cards—often given but not usable in Nigeria—the company offers a way for those forgotten presents to finally see the light of value.
From Cryptocurrency to Gift Card Trading
Founded in 2019 by Balogun Usman and Kayode Faturoti, Cardtonic initially started as a cryptocurrency trading platform. However, it pivoted quickly towards gift card trading as they identified a significant gap in the market. With so many gift card purchases made from abroad that couldn’t be utilized, it was clear the company could step in as a reliable intermediary.
“People would receive gift cards for brands like Nike or Adidas from family abroad, not knowing how to use them,” explained Cardtonic Growth Lead Oluwatomisin Oduyemi. “Our founders realized this was a problem that needed a solution.”
The Business Model: Trading Cards for Cash
The appeal of Cardtonic lies in its simplicity and efficiency. Users can sell their unwanted gift cards for cash, turning what would be waste into liquid assets. The startup operates a strong validation process, ensuring that every card is genuine before it is processed. Users often see their funds credited back to them in as little as 10 minutes for specific card types, enhancing the customer experience.
“Over time, we’ve been able to optimize the transaction time from when you submit your cards to when you get paid,” said Oduyemi. “For fast cards, that’s about 10 minutes.” This speed has become a crucial differentiator in a competitive market.
Issues and Challenges in the Gift Card Market
Despite its rapid growth, Cardtonic faces considerable risks. Issues abound with faulty card codes or codes that have already been redeemed, often leaving the company to manage customer dissatisfaction.
Fraud is also a daily concern, as scammers attempt to exploit unsuspecting customers through phishing attempts and hacking. The startup has taken steps to mitigate these risks by maintaining a dedicated team responsible for quality checks on all cards submitted for processing.
The Future of Cardtonic: Becoming a Super App
As of 2025, Cardtonic claims to serve over one million users, although only about half are regularly active. Their ambition stretches beyond gift cards alone; with ongoing development, Cardtonic envisions evolving into a super app that caters to various payment and e-commerce needs.
This vision aligns with global trends where consumers increasingly seek all-encompassing solutions for digital transactions. As Cardtonic expands its features and builds its user base, it could reshape the fintech landscape in Nigeria significantly, setting a precedent for other innovative solutions to follow.
In Conclusion: The Future Looks Bright for Cardtonic
As the digital landscape evolves and the need for efficient financial solutions grows, Cardtonic is well-positioned to lead the charge in transforming Nigeria’s financial ecosystem. By tackling real-world problems—like wasted gift cards and complex payments—this fintech startup is paving the way for smarter, more accessible services. Watch this space as Cardtonic sets its sights on becoming the super app that Nigerians have been waiting for.
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