GSH Acquires AKIBA International for Tokenized Finance

Global Settlement Holdings (GSH) is significantly expanding its footprint in Africa's burgeoning digital finance sector through a majority stake acquisition in AKIBA International, a Ugandan capital markets advisory firm. This strategic move positions GSH to establish a robust platform for tokenized assets within Uganda, aiming to transform the nation into a continental hub for this innovative financial frontier. The transaction, pending regulatory approval, grants GSH crucial local licenses and infrastructure, paving the way for a regulated exchange dedicated to tokenized instruments, a broker-dealer off-ramp, and a digital asset mining facility.

This development follows closely on the heels of Global Settlement Network (GSX), an affiliate of GSH, forging a substantial partnership with Uganda's Diacente Group. That earlier collaboration, valued at an impressive $5.5 billion in planned commitments, is focused on developing the Karamoja special economic zone and piloting a central bank digital currency (CBDC). The AKIBA acquisition complements this initiative by providing the essential market infrastructure, enabling the tokenization of real-world economic activities initiated through the Karamoja project. AKIBA will serve as the regulated marketplace where both domestic and international investors can engage with these tokenized assets.

The strategic intent is clear: to convert diverse Ugandan economic activities—ranging from infrastructure projects and mining output to industrial developments and export contracts—into tokenized financial instruments. These can then be traded on a regulated exchange under the watchful eye of Ugandan authorities, thereby enhancing investor confidence and accessibility. Ryan Kirkley, CEO of GSH, highlighted Uganda's proactive regulatory stance, noting, "Uganda’s regulators are doing something we don’t see often, actively building the framework for tokenised capital markets before the market forces them to." He emphasized the first-mover advantage this creates for channeling capital into key sectors like energy, mining, agriculture, and trade finance with appropriate oversight.

Under the terms of the joint venture, AKIBA International will manage the day-to-day operations, including exchange functions and broker-dealer services, while ensuring seamless integration with Uganda's banking system and regulatory framework. This operational layer will empower GSX to develop token-based financial products tailored for Ugandan businesses. Both entities are targeting the mobilization of up to $1.5 billion for assets to be issued via the platform, with a strategic focus on four key areas: energy and digital infrastructure, special economic zones and industrial programs, responsible mining and mineral value chains, and trade finance instruments such as invoices and receivables.

The entire operation will function within the Bank of Uganda’s regulatory sandbox, a controlled environment designed for testing new financial products before full market rollout. A licensed local bank will act as the settlement and integration partner. This aligns with Uganda's broader push towards fintech innovation, as evidenced by the Capital Markets Authority's introduction of a parallel sandbox for capital markets advancements. This regulatory foresight is crucial as Uganda transitions from a cautious risk-assessment phase to comprehensive virtual asset regulation, drawing lessons from regional peers like Kenya.

This move by GSH is part of a larger strategy to build a vertically integrated investment pipeline. The firm has already bolstered its capabilities in investor onboarding and compliance through its March 2026 acquisitions of U.S. firms Accreditoken and InvestReady. These acquisitions provide the tools for digital identity verification and investor accreditation, capabilities that can be seamlessly integrated into the AKIBA platform. By embedding robust anti-money laundering (AML) controls, governance standards, and reporting mechanisms from inception, GSH aims to formalize segments of Uganda's informal economy, potentially lowering financing costs, broadening capital access, and increasing transparency in underbanked sectors.