Real-world asset (RWA) tokenization has grown into a global market worth roughly $40 billion in distributed, on-chain value as of Q3 2026, up from around $29 billion just a year earlier. Afri
Real-world asset (RWA) tokenization has grown into a global market worth roughly $40 billion in distributed, on-chain value as of Q3 2026, up from around $29 billion just a year earlier. Africa is often mentioned in discussions about the sector’s future, but few reports really examine what has already been built across the continent.
So who is tokenizing assets in Africa? Which companies are building RWA platforms? What assets have been brought on-chain? And how large is the market today? This article examines the current state of RWA tokenization in Africa, the leading projects, the asset classes gaining adoption, and the challenges still limiting growth.
RWA tokenization in Africa covers several different types of projects that are often grouped together. Some tokenize African assets, others are African-founded platforms serving global markets, while some are still at the concept stage. Separating these categories provides a more accurate picture of the market.
This category covers global tokenization and DeFi platforms that fund African businesses through tokenized real-world assets or on-chain credit. While the borrowers are in Africa, the protocols, investors, and most of the capital come from outside the continent.
These projects connect African assets to global on-chain markets but do not represent Africa’s domestic tokenization industry.
This category includes African-founded companies building tokenization infrastructure or issuing tokenized assets locally. They tokenize assets such as real estate, government securities, commodities, carbon credits, and private investments, making them the clearest measure of Africa’s domestic RWA market.
This category includes projects that have announced tokenization plans but have not yet demonstrated meaningful market activity.
For example, Africoin has outlined plans to tokenize African commodities and carbon assets, but public disclosures have focused on regulatory approvals and pilot projects rather than large-scale issuance or active on-chain markets. These projects should be distinguished from platforms with live products and measurable adoption.
Africa’s strongest connection to the global RWA market today is through private credit.
Goldfinch has established one of Africa’s largest on-chain lending networks. Instead of lending directly to businesses, it provides capital to local financial institutions and fintech lenders, which then finance small businesses and consumers.
Through partners such as Cauris Finance, Goldfinch has supported companies including QuickCheck in Nigeria and Tugende in Uganda and Kenya, serving sectors such as SME lending, consumer finance, vehicle financing, embedded lending, and working capital.
QuickCheck website interface. Source: QuickCheckGoldfinch has originated more than $100 million in loans globally. While only part of that funding has gone to Africa, the continent remains one of the protocol’s largest deployment regions.
Goldfinch Global Loans. Source: GoldfinchMost on-chain lending activity has been concentrated in countries with relatively mature fintech ecosystems.
The largest recipients include:
Across these markets, capital has primarily supported SME finance, consumer lending, agricultural finance, vehicle ownership, invoice financing, and embedded credit products. These are sectors where traditional financing remains expensive or difficult to access.
The domestic market for RWAs in Africa is still small, but it is growing in sectors such as real estate, government securities, carbon credits, agriculture, and private investments.
Empowa, which operates in Mozambique, funds affordable housing projects with the help of blockchain technology. Unlike other firms that tokenize finished housing projects, it tokenizes the funding of the housing projects.
Empowa website interface. Source: EmpowaSo far, Empowa has raised over $3.75 million through grants, private equity, and funding from the ecosystem itself. Although it has demonstrated live projects and active capital deployment, its on-chain asset base remains small compared with leading global RWA protocols.
Nigeria-based HouseAfrica uses blockchain to digitize land records, verify property ownership, and support fractional real estate ownership as part of its long-term strategy.
HouseAfrica website homepage. Source: HouseAfricaThe company has partnered with state governments and the Nigerian Mortgage Refinance Company (NMRC) to build a blockchain-based land titling and verification system that helps reduce property fraud through secure digital ownership records.
However, HouseAfrica has not published verified data on tokenized real estate volume, assets under management (AUM), or secondary market activity. Its progress is measured more by its government partnerships than by publicly reported on-chain activity.
Ledgity Africa, based in South Africa, offers regulated access to tokenized investment products to investors in Africa. The company specializes in fractional ownership and digital investment infrastructures instead of being focused on DeFi markets.
Ledgity Africa website interface. Source: Ledgity AfricaLedgity Africa has been offering various investment products and partnerships; however, there is no independent verification of their AUM or transactions. There have been various announcements about product launches but little market activity.
RWAs in Africa haven’t reached advanced commercialization yet, which is why observable market activity remains limited.
For instance, Afreum aims at creating tokens for real estate, agriculture, securities, and other RWAs, whereas Miracle Chain is trying to develop a tokenized African Growth Fund that will be backed by oil resources and other assets of Africa.
Unlike leading global RWA platforms, which report billions of dollars in tokenized assets, most African companies currently measure progress through partnerships, pilot projects, fundraising, regulatory approvals, and product launches rather than on-chain activity.
Regulation remains one of the biggest factors shaping RWA tokenization in Africa.
Nigeria is ahead of all African countries in terms of regulation. Although the SEC classified digital assets as securities in 2020, the regulator is still working on developing the framework for tokenization with the help of Accelerated Regulatory Incubation Programme (ARIP) and a licensing regime for Digital Investment Service Providers (DISPs).
Nigeria’s Investments and Securities Act (ISA) 2025. Source: SEC.GovNigeria’s Investments and Securities Act (ISA) 2025 has already replaced the earlier ISA 2007, formally recognizing digital assets and investment contracts as securities regulated by the SEC.
Kenya has been progressively developing regulations for digital currencies. Despite not having dedicated crypto legislation, Kenya’s government has pursued both innovation and regulatory experimentation at once.
The Regulatory Sandbox is provided by the Capital Markets Authority (CMA), where fintech companies are able to test blockchain financial instruments. Kenya has proposed legislation regulating Virtual Asset Service Providers (VASPs).
With regard to the tokenization of RWA assets, the market is at its initial stage. Companies are able to experiment with blockchain applications in the sandbox; however, tokenized securities have not been introduced in Kenya yet.
South Africa does not have a separate crypto regulation but incorporates digital assets into the existing financial regulation environment.
In 2022, crypto assets were classified as financial products under the FAIS Act by virtue of the Financial Sector Conduct Authority (FSCA). From this point on, the FSCA began issuing licenses to over 250 Crypto Asset Service Providers (CASPs).
Even though these regulations apply to crypto service providers and not to tokenized assets, the maturity of the financial market system and licensing process of South Africa make it suitable for RWA tokenization. Financial institutions, including banks, have also been experimenting with tokenized deposits and bond issuances.
As RWA tokenization scales globally, structural, legal, and market barriers continue to hold back its implementation in Africa.
A number of tokenization processes require proof of ownership, which is not easily achieved in certain areas of Africa due to issues relating to title registration. Some of those issues include disputes over ownership and the slow process of transferring the properties to be tokenized.
Even when one owns a token, it does not necessarily imply that one has the physical ownership of the item. The laws surrounding the security token in certain African jurisdictions are not clearly defined.
Foreign exchange controls and capital controls in various African nations could limit foreign investors from funding tokenized assets or repatriating gains. This makes RWA investments in Africa less favorable compared to those in nations that have fewer limitations.
The majority of the tokenization systems in Africa tend to concentrate more on issuing assets than trading them. Due to a lack of regulated secondary markets, low liquidity, and a small number of investors, most of the tokenized assets become difficult to trade after issuance.
Across the globe, financial institutions such as commercial banks and asset management firms have largely been behind the increase in RWA tokenization. Institutional participation in Africa is yet to grow as investors continue evaluating risks associated with RWA investments.
For RWA tokenization to expand from its pilot stage into practical implementation, Africa needs improved legal, financial, and market infrastructure.
Investors must be sure that the possession of the token means owning the asset. The rules for tokenized stocks, real estate, commodities, and other RWAs will be required in order to encourage investments.
As more assets get tokenized, there will be a need for better custody and settlement infrastructures. Institutional custody and proper settlement infrastructure could help lower operational risks.
Banks, asset managers, pension funds, and other institutional investors have driven global RWA growth. Greater participation from African financial institutions and larger pools of domestic capital would provide the liquidity needed to support larger tokenization projects and more active markets.
While the issuance of tokens may be relatively easy, the availability of regulated platforms where they can be bought and sold efficiently is necessary for the growth of such an economy.
Despite significant steps being taken by some countries, like Nigeria and South Africa, different approaches to the regulation of these markets in other countries remain a challenge for firms. Consistent regulations concerning tokenized assets, licensing, and cross-border transactions would enable companies to expand their business in many markets.
Because tokenization relies on the availability of accurate data on the assets that will be issued, there is a need for better property data, valuation standards, and accounting.
African nations are part of the RWA tokenization space worldwide, although the ecosystem of the continent itself is yet to evolve. Almost all the activity that can be quantitatively measured relates to the global tokenization protocols funding the African companies. The local platforms, meanwhile, are still nascent, and few countries are home to such platforms.
The core question is whether Africa will be able to create a viable tokenization ecosystem or it will continue being a destination for international blockchain investments. For this to happen, the following aspects will be pivotal: regulation, secondary markets, liquidity, and involvement of the local financial players.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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