Global Settlement Holdings to Acquire Controlling Stake in Uganda’s AKIBA, Targeting $1.5 Billion in Tokenized Infrastructure

WHY THIS MATTERS
This deal signals a significant step toward bringing tokenisation into real-world economic development, particularly in emerging markets. By targeting infrastructure, mining, and trade finance assets, the GSH–AKIBA joint venture moves beyond speculative crypto use cases and focuses on deploying blockchain to unlock capital for tangible projects. With Uganda actively building a regulatory framework through sandbox programmes and policy initiatives, this creates a rare alignment between innovation and oversight—something that has often been missing in digital asset markets.

The focus on regulated issuance and secondary trading is particularly important. Tokenisation has long promised to improve access to capital and liquidity for traditionally illiquid assets, but adoption has been limited by regulatory uncertainty and lack of institutional-grade infrastructure. By embedding compliance, banking integration, and AML controls from the outset, this initiative aims to create a scalable model for connecting global capital with local development needs, particularly in regions where access to financing remains constrained.

Global Settlement Holdings Inc. (“GSH”) today announced it will acquire a controlling stake in AKIBA International Limited (“AKIBA”) to build a regulated broker-dealer and exchange platform for tokenized infrastructure, mining assets, and trade finance instruments in Uganda. The joint venture will target up to US$1.5 billion in capital commitments for real-economy tokenization projects and will operate under the Bank of Uganda’s Regulatory Sandbox Program with banking integration through local banking partners. 

The acquisition follows accelerating regulatory momentum for digital finance infrastructure in East Africa. In February 2026, Bank of Uganda Deputy Governor Michael Atingi-Ego called publicly for Uganda to “move deliberately but urgently” on virtual asset regulation, warning the country risks falling behind Kenya, which commenced implementation of its Virtual Asset Service Providers Act in November 2025. 

Uganda’s Capital Markets Authority launched its own regulatory sandbox for fintechs in October 2025, and the Financial Intelligence Authority has completed a national risk assessment of virtual assets and virtual asset service providers. Sub-Saharan Africa recorded US$205 billion in on-chain value between July 2024 and June 2025, ranking third globally for growth. 

The partnership builds on GSH’s existing work in Uganda with Diacente Group, including its role in a US$5.5 billion real-world asset tokenization and central bank digital currency pilot program announced in October 2025.

AKIBA will serve as the exclusive operating entity for deploying digital currency infrastructure, tokenized asset programs, remittance and FX settlement rails, and financial inclusion technologies under Uganda’s regulatory framework. 

The joint venture will seek broker-dealer and exchange licensing to enable regulated primary issuance and secondary trading of tokenized instruments across four priority sectors: 

• Tokenized infrastructure projects — including energy transition assets, digital infrastructure, and strategic public-private initiatives
• Special Economic Zones (SEZs) and industrial development programs
• Responsible mining and mineral value-chain projects
• Trade financing and working-capital solutions — including tokenized receivables and structured trade instruments
  

GSH and AKIBA will adopt a compliance-by-design approach, including AML/CFT controls and operational governance aligned with Uganda’s regulatory requirements. The joint venture will participate in the Bank of Uganda’s Regulatory Sandbox Program with a local bank or another mutually approved licensed banking partner. 

GSH will provide its blockchain, settlement, and tokenization technology stack under an exclusive Uganda deployment license, enabling implementation at national scale. GSH will fund initial technology deployment, integrations, and sandbox operations. GSH will also lead a multi-phase capital program targeting up to US$1.5 billion in secured commitments for infrastructure and financial inclusion priorities across the joint venture’s four target sectors. 

Ryan Kirkley, Chief Executive Officer of Global Settlement Holdings, said: “Uganda’s regulators are doing something we don’t see often, actively building the framework for tokenized capital markets before the market forces them to. That creates a first-mover window for infrastructure that channels real capital into energy, mining, Agriculture and trade finance with proper oversight. We are building a regulated exchange platform backed by a $1.5 billion capital program targeting assets that directly support Uganda’s development priorities.” 

Chris Kyerere CEO of AKIBA International, said: “This collaboration will accelerate Uganda’s fintech modernization and expand access to investment and trade finance through compliant digital infrastructure. Our shared objective is to build a regulated ecosystem that supports domestic development priorities — connecting local projects to global capital with appropriate oversight, governance, and banking integration.”

GSH and AKIBA will adopt a compliance-by-design approach, including AML/CFT controls and operational governance aligned with Uganda’s regulatory requirements. The joint venture will participate in the Bank of Uganda’s Regulatory Sandbox Program with a local bank or another mutually approved licensed banking partner.

GSH will provide its blockchain, settlement, and tokenization technology stack under an exclusive Uganda deployment license, enabling implementation at national scale. GSH will fund initial technology deployment, integrations, and sandbox operations. GSH will also lead a multi-phase capital program targeting up to US$1.5 billion in secured commitments for infrastructure and financial inclusion priorities across the joint venture’s four target sectors.

FF NEWS TAKE
This is a bold attempt to position Uganda as a first-mover in regulated tokenised capital markets in Africa. While many markets are still debating frameworks, Uganda appears to be actively building one—creating an opportunity for projects like this to take shape with regulatory backing rather than in spite of it.

That said, execution risk is high. Tokenising real-world assets at scale requires not just technology, but strong governance, investor confidence, and deep local market alignment. The $1.5 billion capital target is ambitious, and success will depend on whether the platform can attract sustained institutional participation. If it delivers, this could become a blueprint for how tokenisation supports real economic growth in emerging markets—but it will need to prove both scalability and trust.