On-chain fintech leverages blockchain rails to modernise foreign exchange access for businesses across the African continent and emerging markets
Shiga Digital, an on-chain banking platform, is deploying stablecoin infrastructure to transform how African businesses access foreign currency, replacing decades-old informal currency networks with compliant, same-day global payments.
For generations, African businesses have relied on informal currency dealers to move funds across borders. This trust-based system, while functional, offers no guarantees, no transparency, and no recourse when transactions fail. Shiga was founded to change that.
“We started Shiga because we couldn’t believe how excluded Africans were from the global financial system,” said Dami Etomi, Co-Founder of Shiga Digital. “Even the largest organisations—oil and gas companies, supermarkets, banks—had normalised this incredibly informal, risky model of moving funds around the world.”
The foreign exchange challenge in growing economies
The scale of the problem is evident in Nigeria’s currency trajectory. In 2015, one US dollar purchased approximately 200 Nigerian Naira. Today, that figure exceeds 1,400 Naira—a devaluation of more than 1,000% in a decade.
For businesses operating in Nigeria, accessing foreign currency through traditional banking channels remains subject to market liquidity conditions and regulatory processes. This creates significant operational challenges for companies with international payment obligations.
Shiga’s solution is straightforward: enable businesses to convert local currency to USDT, protect against devaluation, and execute global payments instantly.
Industry applications
Shiga serves clients across multiple sectors, with particularly strong adoption in industries caught between local revenue and global expenses.
Oil and Gas: Downstream petroleum marketers collect Naira from domestic sales but require dollars to pay international suppliers. Through Shiga, these companies purchase stablecoins at transparent rates and settle with suppliers who increasingly accept USDT directly.
Real Estate: Developers importing construction materials and fixtures access foreign currency through the platform, paying suppliers in USD, Euros, Chinese Yuan, or UAE Dirhams without intermediaries.
International Enterprises: With operating licenses in the Czech Republic, and the Middle East, Shiga enables multinational companies to convert dollar revenue into African currencies—including Naira, Ghanaian cedis, Kenyan shillings, and South African rand—with same-day settlement.
“You don’t even need to hold the stablecoins yourself,” Etomi explained. “You can use our platform to go directly from US dollars to Naira instantly, same-day, and compliantly.”
A compliance-first approach
In a regulatory environment where crypto policy varies significantly across jurisdictions, Shiga has prioritised licensing and compliance as core differentiators. The platform connects users’ existing bank accounts to Shiga wallets through virtual accounts, routing funds through compliant rails before conversion to stablecoins.
“It’s trustless, open-source, permissionless, and extremely transparent,” Etomi said. “It’s a more professional way of doing business.”
Looking ahead
Shiga continues to expand its liquidity network and global footprint, building on the thesis that stablecoins can serve as parallel financial infrastructure for markets underserved by traditional banking.
“We wanted to create a system where you didn’t need permission to access liquidity,” Etomi said. “Where people could send and receive money the same day, wherever they wanted it. If you compare where the market is today versus four years ago, it’s night and day.”
This is a paid press release from Shiga Digital. TechCabal has not independently verified the claims made in this release. Read with discretion.
