Global Settlement Holdings (GSH) is making a bold move into African tokenized finance by acquiring a majority stake in AKIBA International, a Uganda-based investment and capital markets advisory firm. This deal positions Uganda as a potential continental hub for digital asset trading.
The acquisition, pending regulatory approvals, will hand GSH the licenses and infrastructure needed to operate three critical components: a broker-dealer off-ramp system, a regulated exchange for tokenized assets, and a mining platform. Notably, how this builds directly on GSH's existing Ugandan operations.
Building on $5.5 Billion Karamoja Project
This move comes six months after Global Settlement Network (GSX), the blockchain infrastructure company backed by GSH, partnered with Uganda's Diacente Group. That partnership created Karamoja, a special economic zone, and launched a central bank digital currency pilot with $5.5 billion in planned commitments.
"Uganda's regulators are doing something we do not see often, actively building the framework for tokenised capital markets before the market forces them to," said Ryan Kirkley, chief executive officer of GSH.
The AKIBA deal creates the missing piece. While Diacente helps tokenize Uganda's real-world economic activity, AKIBA provides the regulated marketplace where investors can actually buy and sell those digital assets.
$1.5 Billion Asset Pipeline
Both companies plan to raise up to $1.5 billion for assets issued through the platform. Their focus spans four key areas: energy and digital infrastructure, special economic zones and industrial programs, responsible mining and mineral value chains, plus trade finance products like invoices and working capital structures.
Under their joint venture structure, AKIBA will handle local operations including exchange functions and broker-dealer services. The company will also manage integration with Uganda's banking system and regulatory framework while providing the operating layer for GSX's token-based financial products.
Regulatory Sandbox Approach
The system will operate under the Bank of Uganda's regulatory sandbox, allowing real user testing under controlled conditions before full licenses are granted. A licensed local bank will serve as the settlement and integration partner.
I find it refreshing to see African regulators taking a proactive stance rather than playing catch-up. Kirkley's comment about creating "a first-mover window for infrastructure that channels real capital into energy, mining, agriculture, and trade finance with proper oversight" highlights the strategic opportunity here.
Continental Implications
This deal extends beyond Uganda's borders. By creating regulated infrastructure for tokenized assets, GSH and AKIBA are building a model that could attract investors across Africa looking for compliant ways to participate in the continent's growth story.
The focus on real-world assets like infrastructure projects and mining output rather than speculative crypto trading suggests a more sustainable approach to blockchain adoption. This aligns with broader trends in our AI coverage showing how African countries are leapfrogging traditional financial infrastructure.
With regulatory sandboxes active and billions in planned commitments, Uganda is positioning itself as a testbed for tokenized finance across the continent. The success of this model could influence how other African nations approach digital asset regulation and infrastructure development.