Designed to bring real-world infrastructure, renewable energy, and trade assets onto a blockchain-based system, the initiative is one of the biggest digital economy transformations in Africa, bringing about national-scale digital infrastructure.

At the heart of this partnership lies Uganda’s first Central Bank Digital Currency (CBDC) pilot, built on GSN’s permissioned blockchain and backed by Ugandan treasury bonds. 

The CBDC, designed to operate within existing financial regulations, is expected to provide faster and more secure settlements while expanding financial inclusion across East Africa.

The digital currency, accessible via smartphones and USSD, will allow more than 40 million Ugandans to engage in secure, mobile-first transactions. It also integrates full Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to ensure compliance with both domestic and global standards.

According to GSN, tokenisation will extend to multiple sectors, including agriculture, mining, renewable energy, and global trade. This aims to open up opportunities for individuals, institutions, and governments to participate more directly in economic development, reducing dependency on intermediaries while attracting international investment into Uganda’s industrial base.

“We’re building infrastructure that goes beyond theory; a programmable economy grounded in real assets, regulatory collaboration, and mass accessibility,” said Ryan Kirkley, co-founder of Global Settlement Network. “This is how we close the gap between digital finance and real-world impact.”

“This partnership goes beyond infrastructure; it’s about unlocking long-term value for our people and our region,” said Odongo Solomon, CEO of Diacente Group. “By integrating tokenisation and CBDCs into Uganda’s development roadmap, we’re creating transparent, tech-driven ecosystems that attract new capital, empower local industries, and scale sustainable growth from the ground up.”

The initiative aligns with Uganda’s Vision 2040, the African Union’s Agenda 2063, and the objectives of the African Continental Free Trade Area (AfCFTA). The Karamoja Green Industrial and Special Economic Zone (GISEZ), led by Diacente Group, has already been recognised as a national flagship project under Uganda’s Karamoja Regional Development Plan (2025–2035).

With projections of over one million jobs and potential annual exports of up to $10 billion, the tokenised economy in Uganda aims to build a foundation for sustained industrialisation, job creation, and cross-border trade.

In merging blockchain technology with national development priorities, the GSN-Diacente collaboration shows a change in how Africa’s emerging economies could digitise and democratise economic growth.

The move comes as stablecoins gain traction across Africa, where they are increasingly seen as tools for trade, remittances, and protection against currency instability.

The cNGN, launched in February by WrappedCBDC Ltd., is backed by reserves in commercial banks. It is regulated by the Securities and Exchange Commission (SEC) and minted across six blockchains, Asset Chain, Base, Bantu, Polygon, Ethereum, and Binance, allowing for cheaper transfers and broad network compatibility. 

So far, about ₦604 million ($395,000) worth of the token is in circulation, but retail uptake has been slower than expected.

Roqqu says it intends to change that by leveraging its strong presence in underserved areas. “We know our way when it comes to the grassroots market,” said Emmanuel Peter, head of Academy and Business Partnership at Roqqu. 

“A currency is not a thing if it’s not embraced by the people, and we know how to get to these people. This could be what the cNGN token has been missing—wider distribution.”

To reduce barriers, the exchange has announced that cNGN transactions will be feeless, although it will earn fees on fiat-to-stablecoin swaps. The token has already been integrated with Base, one of its supporting networks, as part of Roqqu’s rollout.

Beyond Nigeria, Roqqu is preparing to drive cNGN adoption across borders. In July, it acquired Flitaa, a Kenyan crypto startup with over 70,000 users and deep M-PESA integration. The acquisition strengthens its East African presence and also creates opportunities for cross-border payments between Nigeria and Kenya, with potential extensions into Uganda, Rwanda, and Tanzania.

CEO Benjamin Onomor confirmed that cNGN will be central to Roqqu’s long-term plans. “We have a lot of major plans for cNGN,” he said. “We want to unlock all the opportunities this [cNGN] stablecoin brings, including eventually providing users with low-interest loans and other financial services.”

Nigeria has already established itself as Africa’s leading stablecoin market, processing nearly $22 billion worth of transactions between July 2023 and June 2024. Stablecoins account for 43% of all crypto activity in Sub-Saharan Africa, fuelled by limited foreign exchange access, naira instability, and widespread distrust in traditional banking.

With cNGN now listed on Roqqu and backed by the Africa Stablecoin Consortium, a coalition of fintech and blockchain firms, the stablecoin is better positioned to move from regulatory approval to everyday use.