In Him we have redemption. In the culture of the time it was possible for a slave to be set free by payment of a ransom. Jesus has paid the price for our sins, our slavery to sin. However, it is important not to press this analogy too far and go down the wrong track in asking who the ransom was paid to. The ransom was definitely not paid to the devil. The problem with sin is that we have broken God's laws, and are therefore under judgement because of it. Jesus' death on the cross paid the penalty for our sin. This is made clear here by the phrase "the forgiveness of sins". Jesus' sacrifice was made in accordance the riches of God' grace, and this grace has been lavished upon us. Paul will go on in Ephesians to make some amazing claims for God's purposes and role of the church, all this is possible purely because of the riches of His grace. And this was done with all wisdom and understanding. God knew exactly what He was doing, and His grace will achieve His purposes.
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