Nigerian financial services group Zedcrest Group has acquired UK-founded cross-border payments company Leatherback as part of efforts to strengthen its position in Africa’s expanding digital financial services sector.
The value of the transaction was not disclosed, but both companies confirmed that Leatherback will continue operating as an independent subsidiary under the Zedcrest Group, retaining its existing brand identity and management structure.
The acquisition formalises a relationship between the two companies that began in 2021, when Zedcrest participated in Leatherback’s $10m pre-seed funding round.
The deal also aligns with Zedcrest’s broader ambition to build a diversified financial services ecosystem covering investment banking, asset management, securities, financing and fintech solutions. The group previously expanded its capital market operations through the 2024 acquisition of RMB Nigeria Stockbrokers, a brokerage firm.
Zedcrest Targets Growth in Global Payments Market
Zedcrest Group said the acquisition would provide Leatherback with stronger financial support to accelerate expansion, secure additional regulatory approvals, strengthen banking partnerships and grow its compliance and risk management teams.
Group Managing Director of Zedcrest Group, Adedayo Amzat, described Leatherback as a company that has developed solutions addressing important challenges in international payments.
“Leatherback has built an impressive platform that addresses real challenges in cross-border payments, and we see significant opportunities to accelerate that journey through the strength of the Zedcrest ecosystem,” Amzat said.
He added that the transaction reflects Zedcrest’s commitment to developing scalable financial businesses capable of competing in global markets.
“We believe the opportunity in borderless financial services remains significantly underpenetrated, and this acquisition aligns with Zedcrest’s strategy of building a portfolio of trusted, scalable, and globally relevant businesses,” Amzat said.
Leatherback has developed its own core banking infrastructure and payments ledger, technology that the company has previously said enables it to manage transaction costs more effectively while supporting enterprise payment solutions.
Acquisition Strengthens Enterprise Payments Strategy
The deal comes as demand for faster and more efficient cross-border payment solutions continues to rise across Africa.
The global cross-border payments market is projected to experience significant growth in the coming years, with Africa expected to remain a major market due to increasing trade activity, digital adoption and the expansion of international business relationships.
Through the acquisition, Zedcrest gains deeper exposure to this growing sector while providing Leatherback with additional resources to expand its operations.
Rather than focusing primarily on consumer remittance services, Leatherback has increasingly shifted towards enterprise and infrastructure-driven payment solutions, positioning itself as a technology provider helping businesses move money across borders more efficiently.
Leatherback Enters New Growth Phase After Leadership Changes
The acquisition follows a period of restructuring and strategic repositioning for Leatherback.
In 2023, the company faced regulatory scrutiny after transactions involving an external entity passed through one of its accounts. Following legal proceedings, former chief executive officer and co-founder Ibrahim Toyeeb Ibitade was cleared of wrongdoing before exiting the company in October 2024.
In August 2025, Leatherback appointed former Cellulant executive Ochebhoya Ekpete as chief executive officer, alongside a refreshed leadership team focused on product development and technology.
Under the new leadership structure, the company has prioritised enterprise-focused payment infrastructure, with businesses becoming the main driver of its growth strategy while maintaining retail offerings.
Leatherback Expands Regional Presence
Since the leadership transition, Leatherback has continued to expand its operational footprint, establishing a West African hub in Nigeria.
The company also plans to develop additional regional hubs in Canada and Kenya to support its North American and East African markets.
Leatherback Chief Executive Officer, Ochebhoya Ekpete, said the acquisition represents a significant step forward for the company as it seeks to scale its solutions globally.
“This marks an exciting new chapter for Leatherback,” Ekpete said.
“We have built a business focused on solving real challenges in global payments, and this transaction positions us to build on that foundation with even greater scale, capability, and long-term vision.”
With the backing of Zedcrest’s broader financial ecosystem, Leatherback is expected to accelerate its expansion while contributing to the group’s ambition of creating an integrated financial services platform with global reach.