The second Kampala Blockchain Summit 2024, hosted by the Blockchain Association of Uganda (BAU), emerged as a landmark event showcasing blockchain’s transformative potential for Africa. Held at a venue by Endiro Coffee in Kampala under the theme “Unlocking Opportunities in Africa through Blockchain,” the summit brought together leading experts, innovators, and stakeholders to explore blockchain’s role in fostering financial inclusion, regulatory innovation, and sustainable development.
The Kampala Blockchain Summit 2024 was a resounding success, demonstrating blockchain’s practical applications and fostering collaborations across sectors. By addressing financial inclusion, regulatory frameworks, and innovative use cases, the summit reinforced Africa’s position as a hub for blockchain-driven transformation.
A Platform for Innovation and Collaboration
The summit provided a vital platform for thought leaders from diverse sectors, including finance, technology, academia, and the creative economy, to converge and share insights. With a distinguished lineup of speakers such as Olivier Fines (CFA Institute), Gyewava Jonathan Kasule (KitePesa), and Dr. Dorothy Okello (Makerere University), the event facilitated an in-depth exploration of blockchain’s potential to address key challenges in Sub-Saharan Africa.
BAU President Reginald Tumusiime set the tone, emphasising the importance of innovation and productivity among young Africans. He also highlighted Endiro Coffee’s significance as the venue, linking blockchain’s ability to enhance traceability and customer loyalty with Uganda’s coffee industry and global market compliance requirements.
Tumusiime set a path to foster collaboration between regulators, entrepreneurs, and innovators to create a thriving blockchain ecosystem in Africa. Key initiatives include public education, the Blockchain Innovation Programme, and partnerships like the one with BSV Blockchain, which has empowered young innovators to address real-world challenges.
The launch of the KitePesa stablecoin leverages the BSV Blockchain open-source toolbox
One of the summit’s highlights was the unveiling of KitePesa, a blockchain-powered payment solution designed to drive financial inclusion in Uganda. Project Lead Gyewava Jonathan Kasule explained how KitePesa leverages BSV Blockchain technology to provide efficient, low-cost transactions.
Key features include:
- A stablecoin model pegged to the Ugandan Shilling (UGX), offering compliance and security.
- Reduced transaction costs and service interruptions, addressing gaps left by mobile money providers.
- Enabling cross-border trade under the African Continental Free Trade Area (AfCFTA) framework.
Bolo Kruszewski, Product Manager at BSV Blockchain, elaborated on KitePesa’s ability to support near-instant money transfers and enhance privacy through wallet-based transactions.
The Kitepesa stablecoin, which makes use of infrastructure such as SPV wallets and overlay services, was also an opportunity for Thomas Giacomo, Director of Utilisation at BSV Blockchain, to present the advantages of the BSV blockchain for other companies in Uganda. Central to his talk was the open source toolbox, which makes it as easy as possible for companies to access the BSV blockchain for their apps and services. Highlighting BSV’s unique approach as a layer-one, proof-of-work, UTXO-based blockchain, he emphasised its ability to handle high transaction volumes and large-scale data storage.
Regulatory Perspectives and Policy Development
The summit featured panels with experts from the CFA Institute, Capital Markets Authority (CMA) Uganda, and Development Finance Uganda to discuss the evolving regulatory landscape. Speakers emphasised the need for clear guidelines that balance innovation with investor protection and accountability.
BAU Vice President Edline Murungi shared updates on Uganda’s blockchain regulatory journey, including collaborations with the Bank of Uganda and proposals for “soft law” recommendations to ensure secure integration of blockchain technology.
Blockchain Beyond Finance
The summit highlighted the versatility of blockchain technology across various sectors, showcasing its potential to address diverse challenges. Aleksander Gora, Head of Strategic Partnerships at BSV Blockchain, moderated a panel discussion titled Blockchain and the Creative Economy at the Kampala Blockchain Summit 2024, featuring Irene Mutuzo, Rasheeda Nalumoso, and Natasha Karungi as panelists. He introduced the topic with a reflection on the 33-year evolution of the internet, tracing its journey from Web 1.0’s emphasis on passive content consumption, through Web 2.0’s rise of participatory and social engagement, to Web 3.0’s transformative potential to empower users with true ownership of their content.
The panel explored how blockchain can empower Africa’s creative economy by simplifying concepts, protecting intellectual property through digital credentials, and enabling fair trade of creative works. Panelists highlighted blockchain’s potential beyond fintech, its role in addressing access disparities, and its transformative impact on global reach through NFTs. Irene Mutuzo discussed how blockchain can empower artists and creators by ensuring transparency and fair compensation.
A fireside chat featuring Peter BenHur Nyeko explored the intersection of blockchain and renewable energy, emphasizing its role in enhancing traceability and enabling climate finance. Additionally, panels on academia and development finance examined how education and funding can accelerate blockchain adoption, fostering innovation and driving economic growth.
Vision for the Future
The event underscored the transformative potential of blockchain for Africa, particularly in addressing systemic challenges like financial exclusion and inefficiency. Olivier Fines from the CFA Institute advocated for technology-neutral policies that support digital finance while aligning with fiduciary principles.
