The Miami startup building blockchain settlement rails for African governments

Ryan Kirkley's eyes light up as he talks about the potential of blockchain technology to transform Africa's financial landscape. The co-founder and CEO of Global Settlement Network (GSX), a US-based blockchain infrastructure company, has witnessed firsthand the inefficiencies that plague the continent's payment systems. "Some African economies already run on stablecoin rails," he shares with TechCabal, " whether countries build infrastructure to control that flow themselves."

Kirkley's words take me back to my own experiences navigating Africa's fragmented payment rails. As a Nigerian journalist, I've seen how delays, foreign exchange costs, and high fees can stifle economic growth. But what's exciting about Kirkley's vision is the potential for African governments, fintechs, and central banks to build their own blockchain-based settlement rails, cutting out intermediaries and reducing costs.

In 2024, the World Bank estimated that a staggering $56 billion flowed into Sub-Saharan Africa as remittances. Yet, the majority of these transactions still rely on correspondent banks, which charge exorbitant fees and add days to the transfer process. It's a problem that GSX is trying to solve. Founded in Miami, the company has been quietly building a presence in Africa, with Uganda emerging as its flagship project.

In October 2025, GSX partnered with Diacente Group, a Uganda-based green industrial zones developer, on a proposed $5.5 billion project to build digital infrastructure linking the country's farms, mines, power projects, and factories. The partnership includes a pilot for a digital shilling, which could reduce the country's reliance on dollar-backed stablecoins. A notable step, one that underscores Uganda's willingness to experiment with new financial technologies.

GSX is also working on real-world asset (RWA) tokenisation, a process that involves converting physical assets like property or commodities into digital tokens. This technology has the potential to unlock liquidity in Africa's illiquid capital markets, making it easier for investors to access these assets. In 2022, impact investment firm Mercy Corps Ventures launched a tokenised savings product in Cameroon with local fintech Ejara, giving thousands of low-income savers access to high-yield, low-risk government bonds.

Africa has become a testbed for tokenisation, with many countries grappling with the challenges of illiquidity, shallow secondary trading, and restrictive foreign exchange controls. GSX is well-positioned to take advantage of this trend, with its technology for RWA tokenisation, cross-border settlement, and digital currencies. As the company continues to grow, it's clear that Ryan Kirkley and his team are committed to building a more efficient, more inclusive financial system for Africa.

In my view, GSX's success will depend on its ability to collaborate with African governments, fintechs, and central banks to develop blockchain-based settlement rails that meet the continent's unique needs. With its flagship project in Uganda and the proposed digital shilling pilot, the company is already making strides in this direction. As the African economy continues to grow, it will be exciting to see how blockchain technology evolves to support this growth.

In the next few years, I predict that we'll see more African countries experimenting with blockchain-based settlement rails, driven by the need to reduce costs and increase efficiency. GSX is at the forefront of this movement, and its success will be closely watched by investors and policymakers alike.