Global Accelerex: Story, Founders, Investors & Funding Rounds

Global Accelerex was incorporated in 2008 and commenced payments services operation in October 2013 upon obtaining approval from the Central Bank of Nigeria (CBN). 

The company consistently ranked as the Number 1 Payment Terminal Service Provider in Nigeria in 2018 and 2019 and supports 95% of Nigerian banks and over 90,000 Merchants across the 36 states in the country.

Accelerex also commenced operations in Ghana in 2019 and plans to expand into Cote d’Ivoire, Kenya, Tanzania, and South Africa over the next 24 months with the new investment from ACA. This funding will also drive new product development across the group.

The agency banking arm of Accelerex, Accelerex Network Limited (ANL) is a a major driver of financial inclusion in Nigeria. 

It supports the Federal Government of Nigeria and the CBN’s financial inclusion agenda, targeted at the underserved and unserved segments of the population. 

Accelerex Network Limited has grown its Agent network to over 9,000 agents within the last 12

months and plans to reach 40,000 agents by the end of 2021.

In addition, Accelerex also acquired a majority stake in SLS Microfinance Bank to serve the financial needs of its fast-growing agent banking business.

Global Accelerex Limited is the leading provider of electronic payment and business management solutions in Nigeria, delivering innovative technology solutions securely and reliably to businesses and consumers across channels. 

Certified by the Central Bank of Nigeria as a Payment Terminal Service Provider (PTSP) and Payment Solution Service Provider (PSSP), Global Accelerex has consistently leveraged its bespoke application development capability to provide e-payment solutions that work perfectly for Nigeria and the West African sub-region. 

Through extensive research and development, their in-house Innovation and Technology Team delivers superior service to their diverse clients, making their business processes seamless.

They also provide and operate customized platforms of choice for client initiatives such as Payment Collection, Disbursement, Invoicing, and Order Management. 

Additionally, their terminal solutions are flexible enough to be customized to suit varying business needs since they provide value-added services which include retail, inventory, and distribution management that help businesses with more effective risk management, production demand management, sales forecasting, and distribution planning.

How it Works

Technology Delivered

Through extensive research and development, their in-house Innovation and Technology Team delivers superior service to our diverse clients, making their business processes seamless.

Payment Terminal Service Provider

They are a Central Bank of Nigeria-licensed Payment Terminal Service Provider and they deliver operational and support services such as PoS terminal solution sales, provisioning, deployment, management, and support functions, to all classes of retail merchants on behalf of Merchant Acquirer Banks.

Additionally, they have a broad range of fast, portable, and convenient PoS terminals certified by the Nigeria Inter-bank Settlement System (NIBSS) in the NEXGO series, ranging from the NEXGO G870, G2, G3, and N5.

Payment Terminal Application Developer

As a certified Payment Terminal Application Developer and Payment Aggregator with a fully staffed Research and Development Lab, their proven rapid software development methodology is designed to work inclusively with all clients and stakeholders to ensure that all objectives are realized. 

To ensure that value for money is delivered to their customers the first time, they execute clients’ projects using their goal-oriented project management approach.

Payment Integration Service

Global Accelerex works with banks, merchants, and other players to integrate PoS terminals with business systems. 

They bring the requisite industry knowledge to deliver payment system integration projects on time, on budget, and according to scope.

This versatility makes it possible for them to please their customers, from small and medium-scale enterprises to large firms.

Payment Solution Service Provider

They provide innovative solutions to satisfy the e-payment needs of their rich clientele.

Whether you are a small merchant that requires simple payment solutions or a large corporation with specific needs, they’ve got you covered with their broad range of e-payment solutions, guaranteed to take your business further.

Strategic Advisory Services

Whether you are a merchant looking to improve your retail payment systems technology or a Merchant Acquirer thinking of new strategies in electronic payments, their senior strategy advisory team is always available to partner with you on your business journey.

Customer Support Service

They provide support from the point of PoS terminal activation to end of life to all categories of merchants, on behalf of merchant acquirer banks. 

Their field support staff pan-Nigeria are always at hand, 24 hours a day, seven days a week, to render assistance and ensure zero downtime on all Pos terminals.


Olatunde Ogungbade

Olatunde Ogungbade

Olatunde Ogunlade is the Founder/CEO at Global Accelerex.

Olatunde is a highly accomplished, results-driven executive with cross-industry business experience effectively integrating information and business processes with management consulting services in the marketplace—domestically and globally.

He is also passionate about business opportunities in both established and emerging markets and very resourceful at analyzing, selecting, and applying technology and business processes for strategic and tactical business needs or opportunities.

Additionally; lately, Olatunde is Capable of measurable business growth and transformation through business management, attitude, and effective leadership.

Olatunde Ogunlade studied at Obafemi Awolowo University.

Investors & Funding Rounds

Africa Capital Alliance (ACA)

 Accelerex Holdings has signed an investment agreement with regional private equity firm, Africa Capital Alliance (ACA). 

The Capital Alliance Private Equity IV (CAPE IV) fund has invested a reported $ 20 million in Accelerex which allows CAPE IV to be identified as a strategic partner. 

ACA established the CAPE IV fund which is valued at $ 567 million. 

The fund aims to invest in companies that show growth potential in financial services that include technology, media, and telecoms in its business model. 

Fast-moving consumer goods, energy, and multiple emerging sectors in West Africa are targeted by the CAPE IV fund. 

Main Competitors

Paymob: This is a digital payments enabler for emerging markets, helping small and large enterprises accept payments online and in-store.

YooMoney: It is an electronic payment service that offers safe, reliable, and easy methods of paying online for users.

Settle Group: This is a Mobile payment pioneer, powering Settle – the mobile payment network of Europe.


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