Readen Holding Corporation (RHCO) has reached a deal for acquiring an 80% equity stake in Nigerian lottery operator MorRich Lottery Ltd.
Through the acquisition, the venture capital corporation will seek to boost MorRich’s operations by overseeing a launch of Keno and scratch lottery games, as well as an additional introduction of casino offerings as per Nigerian regulatory approvals.
The Memorandum of Understanding (MoU) between both entities will allow RHCO to conduct a six-week due diligence procedure, where MorRich will hand out all relevant business and financial documents for review – waiving the rights to communicate with any third parties.
In addition, RHCO – whose specialty is online payments – will incorporate its digital payment solution into all of the lottery’s operations, marking the first breakthrough of its payment platform Readies into the African market.
Readies leverages blockchain technology to facilitate crypto payments alongside fiat transactions, catering to a wide range of customer demands. It offers cross-border payments alongside competitive transaction fees, together with modern anti-fraud protocols suitable for the gambling space.
Ridzky Berg, CEO of RHCO, commented: “This partnership not only strengthens our position in the global gaming industry but also brings the Readies platform to a vast and fast-growing consumer base in Africa.
“By embedding Readies into all of MorRich’s lottery operations, we’re creating a robust digital payment ecosystem that supports financial inclusion, enhances user experience, and reinforces our long-term fintech strategy.”
New horizons
MorRich first got its licence from Nigeria’s National Lottery Regulatory Commission in July, 2024.
At the time of the licence presenting, Abayomi Nurain Mumuni, CEO of MorRich Lottery, assured the regulator that the company will continue to operate with ‘utmost accountability and adherence to all regulatory guidelines’.
“As we embark on this exciting journey with our new lottery license, we are filled with optimism and determination to make a positive impact on our community,” added Mumuni.
He concluded: “We understand the significant role we play in promoting responsible gaming practices, supporting local initiatives, and contributing to the well-being of those around us.”.