A new blockchain partnership between Global Settlement Network (GSN) of the United States and Ugandan developer Diacente Group has been announced, outlining plans to create a $5.5 billion tokenized economy in Uganda. The large-scale initiative aims to digitize ownership of real-world infrastructure assets and includes a pilot rollout of Uganda’s first Central Bank Digital Currency (CBDC), built on GSN’s private blockchain network.
The proposed tokenized ecosystem is designed to bring an extensive range of physical infrastructure “on-chain,” representing them as digital tokens that can be traded, owned, or invested in. The assets span multiple critical sectors such as agriculture and food production, mineral extraction, renewable energy facilities, and trade logistics. Much of this development will take place in Karamoja Green Industrial and Special Economic Zone (GISEZ), a flagship project being developed by Diacente Group.
Digitizing Infrastructure for Inclusive Growth
The collaboration between GSN and Diacente Group aims to use blockchain technology to build a transparent and efficient financial ecosystem for infrastructure investment. Through tokenization, the partners intend to enable fractional ownership, open access to global capital markets, and reduce dependency on conventional financial intermediaries. According to the project outline, this blockchain-based structure will allow investors worldwide to participate in Uganda’s infrastructure development, while simultaneously giving local industries a more direct and liquid means of financing.
Running in parallel to the tokenization program, the initiative will also introduce a digital version of the Ugandan shilling, functioning as a pilot for a national Central Bank Digital Currency. The digital shilling will operate on a permissioned blockchain, meaning it will be governed by regulated entities with controlled access. GSN confirmed that the currency would be backed by Ugandan treasury bonds, anchoring its value to state-issued securities to ensure stability and investor confidence.
Financial Inclusion Through Mobile Access
One of the project’s primary objectives is to make blockchain-based financial services accessible to Uganda’s broader population. The partners emphasized that the CBDC would be available through both smartphones and USSD technology, a text-based system that works on basic mobile devices. This approach is expected to enable more than 40 million Ugandans to access secure digital payments, even without internet connectivity.
The system will also integrate full Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to align with both national and global financial compliance standards. The developers underscored that this inclusive model will strengthen financial participation in rural and underbanked communities, positioning blockchain as a driver of sustainable economic empowerment.
Ryan Kirkley, Co-Founder of Global Settlement Network, explained that the project aims to create a programmable economy built on tangible assets, regulatory collaboration, and real-world application. He noted that GSN’s objective is to bridge the gap between digital finance innovation and measurable socioeconomic progress.
Echoing this sentiment, Edgar Agaba, Chairman of Diacente Group, highlighted that combining tokenization with a CBDC pilot would contribute to Uganda’s broader development roadmap. He emphasized that the initiative aligns with the country’s ambition to establish transparent, technology-driven ecosystems capable of attracting foreign investment, supporting local enterprises, and promoting long-term, sustainable industrial growth.
Aligning with National and Continental Goals
The joint initiative is closely tied to several national and regional development frameworks, including Uganda’s Vision 2040, the African Union’s Agenda 2063, and the African Continental Free Trade Area (AfCFTA) objectives. The GISEZ industrial project, where much of this tokenized infrastructure will be based, has already been designated as a national flagship initiative under Uganda’s Karamoja regional development plan.
Preliminary projections from the two organizations suggest that the fully tokenized economic system could create over one million jobs and generate up to $10 billion in annual exports, contingent upon successful implementation and scaling. If realized, the project could position Uganda as a leading example of how blockchain-driven economies can combine real-world asset tokenization and digital currencies to power industrial transformation in emerging markets.
