As economic growth accelerates across Africa; the world’s second-fastest-growing region,
hundreds of thousands of businesses still lack access to essential financial services.

Ledig Technologies, a fintech innovator, is clearing the path for these businesses by harnessing
blockchain to redefine financial inclusion. From transforming cross-border remittances to
streamlining international payments, Ledig is dedicated to providing life-changing financial
services for businesses across Africa.

In this interview, I sat down with two of the company’s executives to discuss their vision and how
they’re turning ambition into real-world impact. We examined Ledig’s journey, its successes,
vision, challenges, and its outlook for the African financial market.

As our conversation began, a tall energetic at least 6-foot-tall Chiagozie, as he later introduced
himself, took a quick peep at his phone, and let out a broad smile. Moments later, he told me the
Nigerian SEC had just signed the Investments and Securities Act 2024, recognising crypto as
securities, giving the clearest regulatory direction for digital assets in Nigeria so far.

The interview as expected began with introductions. “I am Chiagozie Iwu, head of product and
Technologies at Ledig Technologies” Chiagozie introduced himself, as he settled into his seat,
taking an upright posture, and ready to answer the next questions.

“Hello, I am Victoria Ogebe, and I am head of Admin and Compliance” an average-heighted
Victoria said, as she gently crossed her legs, and sat back. Having stumbled upon Ledig online
one time while searching for how to remit money abroad, I promised to interview them to get a
better understanding of their services. When I reached out, I got an enthusiastic response, and
here we were having the interview.

Given the current state of the African financial industry, especially as it concerns remittance,
cross-border payments, business processes, and getting goods and services across to the
global market, my immediate line of thought was asking about the greatest challenges facing
businesses operating out of Africa.

“Africa is a very dynamic environment”, Chiagozie began. “It’s made up of 54 countries, and
honestly, while there are many challenges, one major issue you’ll find in about 70% – 80% of
African countries, especially for businesses with global exposure, is access to foreign
exchange” he took a pause but soon continued. “The ability to access foreign exchange, to
hedge against currency risks, and to sell goods and services while getting paid in a strong,
globally leveraged currency like the US dollar, are some of the biggest challenges businesses
face”.

Beyond FX issues, he mentioned that other major hurdles include security risks, inadequate
regulatory frameworks, and a lack of proper legal protection. In all this, Chiagozie was very clear
in emphasising that foreign exchange exposure was the biggest challenge faced by businesses
operating out of Africa. “The foreign exchange risk stands out,” he says.

It was time for more technical questions, and since we had identified foreign exchange as a
chief challenge businesses face, I asked Chiagozie, how Ledig solves this challenge
“When it comes to foreign exchange, there are traditional markets for FX facilitation. However, in
countries like Nigeria, Kenya, Malawi, Ghana, and Egypt, many of these traditional markets are
broken.

They tend to favour certain types of businesses, and if you don’t fit into those
categories, you’re likely to struggle with accessing and managing foreign exchange for your
operations.” Chiagozie went on to discuss the Nigerian financial sector, pointing out that
traditional FX and banking processes are no longer suited for how business is done today,
where many transactions are completed with just the click of a button.

To drive home his point, he put it plainly: “When you use FX systems designed for doing
business in the 1970s, you simply can’t keep up with today’s global pace.”
Ledig, he explains, is sidestepping these outdated hurdles by using blockchain technology and
stablecoins to offer businesses a faster, more flexible alternative. Stablecoins, he notes, have
become deeply embedded in Africa’s businesses, and they are often more liquid than the U.S.
dollar itself.

“Africa is going digital, and so is its commerce,” he says. Gesturing with his hands, he adds,
“You’ll find more people who have interacted with USDT than those who have ever physically
held dollars or even owned a domiciliary account.”

Emphasising Ledig’s role in the market, Chiagozie explains, “We help companies, including
those facilitating payments for retail users, access liquidity. Our OTC desk enables high-ticket,
high-volume foreign exchange and stablecoin conversions between local currencies and
stablecoins, and vice versa.”

He points out that many companies serving the retail trade sector rely on Ledig’s infrastructure
to serve their customers. “We also provide hedging instruments that allow businesses to protect
themselves against currency exchange risks,” he adds.

“Whatever you are doing in Africa, whether it’s trade financing, payments, e-commerce, trading,
imports, exports, Ledig helps guarantee stablecoin liquidity you can leverage to scale, removing
the FX hurdles that usually slow businesses down.” he says.

With new blockchain companies springing up almost every day to serve some of these same
needs Ledig offers, it is natural to wonder what sets Ledig apart, and how it leverages
blockchain differently from others. Chiagozie gave some clarification.

“We are not your regular blockchain company,” he begins. “For instance, we are in the process
of tailoring a lot of DeFi instruments into the smart contracts we design. The hedging contracts
we offer won’t be financed by traditional banks; instead, they will be fully exposed on the
blockchain. We’re already developing methodologies to create direct exposure and properly
tailor these financial instruments, ensuring everything is smart contract-based and structurally
sound.”

According to him, while most blockchain companies build their entire offerings around digital
asset conversions, Ledig’s vision goes beyond that. “conversions are just a part of what we do,
Ledig is building a much broader financial infrastructure.”

Having explained Ledig’s core services and how the company differentiates itself from other
blockchain-based firms, a clear pattern was noticeable. Ledig Technologies is a fintech
company focused on providing financial solutions for businesses with foreign exchange
exposure to Africa. This is a bold initiative that demands a clear vision to set it apart in a
crowded market.

When asked about Ledig’s broader vision and how it differs from other fintechs, Chiagozie
lightens up.

“One of the things about Ledig is that we are in a very niche space,” he begins. “There are a few
companies that offer one or two of the products we do, but we are the ones that aggregate all
these services into one offering. An example is our fully compliant Fiat/Crypto wallet solutions.
Beyond that, what really sets us apart from both blockchain and traditional fintech companies, is
that we deeply understand Africa.”

He leans forward and continues, “We understand the risks associated with operating in Africa.
Our processes are built to solve African problems. We don’t lie to ourselves about the
challenges; we accept them, and more importantly, we solve them. That’s the biggest advantage
we have over competitors who mostly set up in Africa without truly understanding the
environment.”
With a slight chuckle, he adds, “To be clear, a lot of the people you might consider our
competitors actually depend heavily on our services. There’s a reason for that.”
With bold ambitions like Ledig’s, regulatory licenses and official registrations are crucial to
building long-term trust and success. A quick look at Nigeria’s financial regulatory space shows
that the Securities and Exchange Commission (SEC) launched the Accelerated Regulatory
Incubation Programme (ARIP) for firms seeking its Virtual Asset Service Provider (VASP)
license.

When asked if Ledig is under any of these programmes/licensees, Victoria, the Head of Admin
and Compliance at Ledig, was quick to clarify.

“One thing I would say about our space,” she begins thoughtfully, “is that trust and security are
very important. I understand why clients would want to know if we are regulated.”

She continues, “We are actively applying for licenses under the Nigerian SEC’s ARIP program
for VASP license applications. We’ve completed our submission and are awaiting feedback.
Beyond Nigeria, we’ve also intensified efforts to secure international licenses. I can confidently
say that even while we work through our licensing process, our network of partners is already
highly regulated.”

Chiagozie then chips in, adding further context.

“Before now, there was no clear Nigerian regulatory framework for digital assets, but that has
changed, and we have adjusted accordingly” he noted. “While we already have European
operations, we understand the need to be directly licensed in at least one African country. Our
long-term goal is to get this licensing in at least five African countries, with Nigeria being a top
priority.”

He explains that although the Nigerian SEC had no full regulation in place until recently, the
introduction of ARIP has fast-tracked the licensing process. “Provisional licenses have already
been issued to a few firms, and companies like ours are now going through the process to get
those provisional licenses. With the new legislation giving the SEC full oversight of digital
assets, we expect the process to move even faster.”

With conviction, he adds, “Many of our clients already trust us because our compliance
processes mirror those of regulated firms; in fact, we go beyond the standard requirements
because we know how important it is for regulators to see us in a favourable light.”

Shifting the conversation towards regulation, it seemed the perfect moment to address a critical
topic in the digital financial industry: Terrorism financing. When asked how Ledig handles this
risk.

Victoria steps in to explain, “When we onboard a business, several layers of checks are carried
out. Clients complete an onboarding form, undergo KYB (Know Your Business) verification, and
enhanced due diligence processes. We verify directors, source of funds, and proof of address.
We also screen the business and its affiliates to ensure none are listed on sanction databases.”

Chiagozie reinforces this point by explaining that Ledig has built compliance processes
specifically designed to catch early signs of potential terrorism financing. Their team conducts
thorough screenings of clients, including wallet addresses, checking them against international
blacklists and databases like those maintained by the Federal Bureau of Investigation (FBI), and
The Office of Foreign Assets Control (OFAC). Every transaction is monitored, with strict internal
systems in place to detect any suspicious activity.

In his words “It’s pretty tough to finance terrorism through Ledig as the compliance processes
are designed to filter out such transactions.”

Having firmly established that terrorism financing is impossible on the Ledig platform, it felt
natural to move into other operational questions. From the flow of the conversation so far, it was
easy to sense that Ledig heavily referenced Africa. So I asked if Ledig’s strong African focus
meant it did not serve businesses based outside the continent.

Chiagozie, in his usual manner, responded with a broad smile.
“Over 90% of our customers are businesses based outside Africa,” he started. “When we
mention Africa, we are referring to where operations take place. Our ideal clients are actually
global businesses operating into or out of Africa.

In reality, we are even currently in talks to expand our operational exposure beyond Africa. Many of the challenges we solve in Africa, like currency issues and payment bottlenecks, are also faced in regions like the Americas, and Asia.

If you have any sort of exposure to Africa, or if your clients are exposed to Africa, which often
translates to exposure to digital FX challenges, Ledig solves it.” he added.

When asked if Ledig is working on collaborations with other firms, Chiagozie noted that was
already in play.

“In terms of partnerships, we really understand how Africa works, and we have perfected our
systems around that. We have several collaborations, not just within Africa but globally. There
are capabilities we already have, but there are also areas where we strategically leverage
partnerships with licensed and regulated firms. Services like virtual accounts, crypto wallets, and
others require collaboration. It’s a full ecosystem,” he explained.

He went on to highlight that Ledig works across compliance, banking, and fintech sectors,
partnering with multiple companies to deliver comprehensive solutions.

“While we provide some of the best liquidity services, there are other areas where we rely on
partners to ensure our clients get the best possible experience. Instead of a business needing to
engage ten different providers for payments, compliance, liquidity, and virtual accounts, our goal
is for them to work with just Ledig and still access all those services in one seamless package.”

As we began to wind down the interview, it felt like the right moment to broaden the
conversation to industry-wide issues. Nigeria, after all, boasts of one of the fastest-growing
crypto markets in the world, often cited as a good example of the positive potential of
cryptocurrency and its applications. With recent regulatory developments making headlines, it
seemed natural to ask about the current state of crypto regulation in Nigeria.

“The crypto industry in Nigeria is a mess.” He begins, “But things are changing.” he quickly
adds. “Some positive steps are just beginning to take shape. A new law was just signed that
officially gives the SEC the mandate to oversee crypto in Nigeria. This kind of clarity is very
good because before now, the commission has been working quietly with a lot of firms in the
background, creating guidelines that brought some level of sanity to the industry.”

He went on to explain that it shows a positive direction for the regulatory space. He noted that
despite Nigeria’s bureaucratic challenges, the country has historically maintained a strong track
record in financial regulation.

“The SEC has been one of the better regulators globally when it comes to investment markets.
Without mincing words, the Nigerian bureaucracy might not have the best reputation, but when it
comes to financial regulation, we’ve consistently been among the top players in the world. It’s
encouraging to see the Securities and Exchange Commission stepping up. It will also help weed
out bad actors, and companies like Ledig Technologies thrive.”

Chiagozie finished on an optimistic note.

“Hopefully, the commission maintains this positive direction and keeps the focus on firms like
Ledig Technologies that are playing by the rules and willing to work hand-in-hand with the
government to define a strong, healthy regulatory framework.”

Regulatory challenges are not unique to Nigeria; many other African countries face their own
hurdles. When asked for his view on the broader regulatory landscape across Africa, Chiagozie
offered a balanced perspective.

“I would say it’s mixed but mostly positive,” he began. “For example, South Africa has taken
very positive steps with digital asset regulation. If there’s one thing you have to credit South
African regulators for, it’s that they actively engage with players in the industry. That’s why they
have better investor confidence in digital assets, followed closely by Nigeria.”

He noted, however, that beyond these two leaders, many other countries display a more
lackadaisical attitude toward digital asset regulation.

“In places like Kenya, for instance, while there isn’t a clear regulatory framework specifically for
digital assets, there’s a lot of digital activity happening. You find a kind of pseudo-regulatory
environment where digital assets are mixed with other regulated financial services. It’s not that
there’s no regulation at all; it’s just that there’s no direct, outright framework dedicated solely to
digital assets.”

Chiagozie likened this to what’s obtainable in the UK.

“If you dig into it, it’s actually similar to what you have in the UK,” Chiagozie starts with a
chuckle. “Digital assets are kind of regulated, but there aren’t specific laws called ‘digital assets
regulations.’ If you run a digital assets company, you still fall under the same regulatory purview
as those running traditional finance exchanges. If you run a securities token, then you’re running
securities, plain and simple.”

He pointed out that many people are constantly searching for a clear-cut digital assets
regulatory framework, but that’s not always how it works.

“While some countries are starting to create specific laws, it’s still very important for players to
research existing regulations and stay compliant. There used to be a lot of ignorance among
regulators in Africa, but I’m happy to see that’s changing. These days, regulators are engaging
more than even some of their counterparts abroad, and that level of engagement will drive a lot
of growth in the blockchain and fintech sectors across Africa in the coming years.”

On the challenges Ledig has faced so far, Chiagozie pointed straight to the “elephant in the
room” which are regulatory bottlenecks. “One of the major challenges has been regulatory,” he
said. “Even in our previous startup, CI Cryptosolutions, we were always compliant and fully
auditable. But having a more clearly defined regulatory landscape would really help. The lack of
clear crypto regulation has been our greatest hurdle.”

Beyond regulations, Chiagozie highlighted another challenge; communicating the value of their
service. “A second weak link is trying to get people to fully understand what we do. Ledig is not
a retail-facing company; we are the company that a lot of other companies depend on.”

When asked where he sees Ledig in the next five years, Chiagozie smiled and said, “I see Ledig
becoming like a SWIFT for the digital age. It doesn’t mean we are going to replace SWIFT, but I
see us becoming a major facilitation network, one that a lot of systems and companies will
depend on. That’s the trajectory I see for us over the next five years.”

It was time to round up the interview. But I had one last question.

The conversation all day revolved around digital assets, and I wanted to know what role digital
assets, especially stablecoins, would play in Africa’s fintech growth over the next decade.

Chiagozie was quick to point out the gaps stablecoins are poised to fill.

“Foreign exchange in Africa is a big problem. Traditional systems have failed us, and I see
stablecoins stepping in to bridge this gap because they are properly digitized,” he said.
He referenced the strong adoption of stablecoins like USDT and USDC among the younger
generations, emphasizing that stablecoins are already becoming a major part of the financial
system.

“Stablecoins are going to be a major financial engine in Africa, and I don’t just mean
USD-backed stablecoins. It also includes local stablecoins like the CNGN.”

Chiagozie believes that while many people may not fully grasp it yet, these digital assets will
drive economic activities across Africa in the next five to ten years.

On a final note, he praised the CNGN as the first proper attempt to create a regulated Nigerian
stablecoin, expressing hope that more African countries will follow suit.

“While having the US dollar for foreign exchange protection is important, having a properly
digitized Nigerian Naira that is accessible to people and businesses outside Africa is equally
critical,” he said. “It’s initiatives like this that are also very useful for companies like Ledig.”

We rounded up the interview, and I thanked the two industry leaders for honouring my interview
request.