Grace Ashiru
Diacente Group, a prominent Ugandan developer specializing in green industrial zones, has announced a strategic partnership with the US-based Global Settlement Network (GSN) to launch an ambitious $5.5 billion project aimed at building national digital infrastructure across Uganda. This landmark initiative will connect farms, mines, power projects, and factories throughout the country, helping to modernize the country’s economic landscape.
At the heart of the effort lies a pilot program for Uganda’s first central bank digital currency (CBDC), known as the digital shilling. The digital currency, which is backed by treasury bonds, will allow Ugandans to conduct transactions through mobile phones, even on basic devices. This development is significant as it directly links financial transactions to real economic activity, providing a foundation for a more inclusive and efficient economy.
The $5.5 billion investment will be financed through tokenized loans, as well as contributions from investors based in Korea and the Middle East. With more than 80% of Uganda’s workforce currently employed in the informal economy, the promise of cheaper, faster, and more transparent trade through this system could significantly transform the economic landscape.
The rollout of the initiative will commence in the Karamoja Green Industrial & Special Economic Zone (GISEZ), a government-backed industrial zone that is part of Uganda’s Vision 2040 development plan.
Ryan Kirkley, cofounder of GSN, emphasized that the project will merge technology with tangible production processes while ensuring that local licensing and control remain central to the project. Odongo Solomon, CEO of Diacente, highlighted that this initiative would integrate cryptocurrencies and central bank digital currencies into Uganda’s broader development framework, marking a significant step toward modernizing the nation’s financial and industrial systems.
