In this interview with Techeconomy, Tae Oh tells us how Spacecoin is building decentralised internet and financial access in Nigeria. Excerpt:

What is Spacecoin, and how does it aim to solve the challenges of connectivity and financial exclusion in Nigeria?

Spacecoin is building a decentralised satellite internet network that provides reliable, permissionless connectivity without the need for expensive terrestrial infrastructure such as cell towers and fibre-optic cables.

Our goal is to connect the 2.9 billion people globally – including tens of millions in Nigeria, who still lack reliable internet. But access is only part of it. With our partners Creditcoin and Gluwa, we enable financial inclusion by letting people build on-chain credit just by paying for data.

For an everyday user in Nigeria, how does the Spacecoin system actually work?

It’s simple: instead of getting your data via fibre-optic cables or cell towers, you get it via our satellites. You pay small amounts in digital currency, and that payment is recorded publicly on a blockchain. Over time, this creates a verifiable history of trust, which can help users access loans and other financial services, even without a bank account.

Why is Nigeria such a central focus for Spacecoin’s early rollout?

Nigeria is a market with one of the highest web3 adoption rates, but also one of the most underserved in terms of internet infrastructure. It has over 100 million people under 25 — that’s an entire generation being held back by lack of access. If we can connect them, we unlock massive social and economic upside.

You use the phrase “Connecting the Unconnected” a lot. What does that look like in real life, and how do you track progress?

For us, it’s not just about signal coverage — it’s about whether people can afford to connect, stay connected, and do something meaningful with that access.

We measure success by looking at usage: how many people are getting online, how many are building transaction history, and how that translates into things like credit access and digital participation.

Why did you choose blockchain to run a satellite internet network? What does it enable that other models can’t?

Blockchain lets us build transparency into network access. Decisions like who gets online and how much they pay, access and pricing are handled by smart contracts — transparently, fairly, and without bias. It also means the network is open-source and permissionless. In regions where connectivity can be politicized or priced out of reach, that kind of neutrality really matters.

You’ve partnered with the Central Bank of Nigeria on the eNaira. How does this fit into your ecosystem?

Through Gluwa — our incubator and Creditcoin’s developer — we’ve partnered with the Central Bank of Nigeria to integrate blockchain-based credit scoring into the eNaira system.

That means internet usage via Spacecoin can help build creditworthiness in the eyes of lenders. It’s a first-of-its-kind integration between national digital currency and decentralized credit rails.

Beyond tech, you’ve launched a blockchain and AI training program in Nigeria. What’s the goal there?

We’ve teamed up with the Nigerian Vice President’s office and Jigawa State to train 1,000 young Nigerians a year in blockchain, AI, and other advanced tech skills. For us, this isn’t charity or CSR — it’s about preparing the next wave of builders. We want Nigerians to shape what the decentralized internet becomes.

What milestones has Spacecoin already hit in Nigeria, and what’s coming next?

We launched our first satellite, CTC-0, with SpaceX. Through Gluwa, we’ve helped distribute over ₦100 billion in loans via Aella Microfinance Bank using Creditcoin rails. Now we’re preparing to do ground tests in Nigeria to prep for our next-gen satellites launching in October.

How does Spacecoin help Nigeria leapfrog the usual infrastructure problems, like towers, fibre, and underbanking?

We cut out the middle layers. Instead of building from the ground up, we build from space down. You don’t need expensive ground infra to connect to the Internet. Anyone with digital currency can pay. Anyone who pays builds history. This lets people bypass infrastructure that would take years or decades to roll out the traditional way.

What’s the long-term vision for Spacecoin and its role in Nigeria’s digital future?

We want Spacecoin to be the on-ramp to the internet, to finance, to global opportunity. Nigeria has the energy, talent, and ambition. Our job is to help unlock that – not just by providing access, but by building systems that reward participation, build trust, and empower people to shape their digital futures.

Tae Oh | profile

Tae Oh is the founder of Spacecoin, where he leads the mission to deliver permissionless internet connectivity to underserved communities. Spacecoin is the world’s first decentralized physical infrastructure network (DePIN) powered by low-Earth orbit (LEO) satellite constellations – built to serve as the open protocol for global, trustless internet access.

Tae brings a unique background that blends deep technical expertise with a long-standing commitment to solving systemic issues around financial and digital exclusion. As the founder and CEO of Gluwa, Spacecoin’s parent company, Tae has spent over a decade building blockchain-based solutions aimed at expanding access to financial services. He also founded Creditcoin, a Layer-1 blockchain that has facilitated millions of on-chain microloans across emerging markets – helping individuals and small businesses build credit histories in places where traditional banking infrastructure is lacking.

At Spacecoin, Tae is carrying that same mission forward into the digital access space. His vision is to create a decentralized internet network that bypasses borders, monopolies, and gatekeepers – empowering people everywhere with access to information, opportunity, and financial systems. Under his leadership, Spacecoin launched its first satellite, CTC-0, in December 2024 and formed strategic partnerships with Creditcoin, Sui, and Walrus to create a unified infrastructure for decentralized connectivity and finance.

Spacecoin on X | LinkedIn

This strategic move is in line with Aella’s commitment to innovation and delivering inclusive financial services to the average Nigerian.

Started in 2015, the Aella Group was founded by Akin Jones. The fintech, which currently boasts of over 2 million users in Nigeria, is backed by US venture funds such as Y Combinator, 500 Global, Zeno Ventures, and Gluwa Capital among others.

The company was founded to simplify and open up financial services to support financial inclusion in emerging markets.

Sosthenes Oluwaseun, managing director of Aella Microfinance Bank, expressed excitement about the rebranding, stressing why it is such an important decision, especially in today’s economic climate.

“This transition to Aella MFB is proof of our dedication to innovation and constant reinvention. And this is more than just a name change. Our users will now have access to better banking experiences.”

Widely known for empowering Nigerians with accessible and low-interest loans, the managing director emphasized the company’s dedication to safeguarding users’ funds, highlighting Aella’s adherence to regulations set by the Central Bank of Nigeria (CBN).

“The transition to becoming Aella MFB guarantees extra safety for our users’ money. We now have stricter measures in place to control fraudulent activities. We are very particular about earning the trust of our users and keeping their money safe is the only way we can do that,” Oluwaseun affirmed.

Aella MFB also pledges to make financial management easier for Nigerians, offering free transfers, zero maintenance fees on debit cards, high-interest/hybrid savings plans, and low-interest rates on loans.

The chairman of Aella Microfinance Bank, Akin Jones, also added that the corporate decision was made in response to the financial struggles of the average Nigerian.

“This name change is not a random decision, it is a response to some of the financial challenges Nigerians face. Aella’s acquisition of Flourish MFB has enabled us to provide safer and more advanced banking services to our users,” Jones added.

The renaming reflects Aella MFB’s commitment to upholding Aella Credit’s fundamental vision and objectives while expanding beyond the old scope to address more pressing financial challenges facing Nigerians.

To support the government’s proposed student loan scheme, Aella MFB believes that the private sector should take a lead role in supporting the government in the facilitation of student loan disbursement.

Aella MFB is pioneering the integration of ledger technology into microloans including student loans. They’ve also expressed their commitment to facilitating micro-loans for short courses and ensuring transparency in fund allocation through partnerships with educational institutions and automated compliance.

Aella’s name change represents more than just a rebranding effort—it promises better financial services and more financial inclusion for all its users.

As Aella Microfinance Bank, the company looks forward to continued growth and innovation in the Nigerian financial landscape.