BSVA Uganda Trip Highlights: Purpose drives success

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With BTC’s price close to breaking 100K, so much of the conversation surrounding Bitcoin and blockchain involves getting rich quick by investing in tokens. While there is nothing wrong with wishing for more funds at our fingertips, it’s much more important to think about a greater purpose that leads to success in the long term.

The BSV Association (BVSA) aims to empower Ugandans with the knowledge and skills needed to unlock the potential of blockchain technology and, as a result, support Uganda’s growth ambitions. To do so, the BSVA has partnered with the Blockchain Association of Uganda (BAU) to understand the market dynamics, cultural nuances, and regulatory frameworks.

“Under the leadership of Reginald Tumusiime, BAU provides us with access to a robust local network and insights that guide our initiatives. Through this partnership, we are advancing education, advocating for blockchain-friendly policies, and rolling out pilot programs. This local engagement ensures that our efforts are relevant, impactful, and aligned with Uganda’s needs,” shared Thomas Giacomo, BSVA’s Utilization Director.

“[The partnership] is a significant milestone for young Ugandan technology entrepreneurs as it will give them an opportunity to tap into the BSV blockchain toolbox developed by the BSVA to create projects that enhance financial inclusion in the country,” said Tumusiime.

“Furthermore, the joint collaboration between the two associations will be instrumental for advocacy to the regulators, where we will leverage BSVA’s expertise on regulation matters to jointly engage regulators,” Tumusiime confirmed.

In November 2024, the BSVA team spent one week in Uganda with the BAU to attend the Kampala Blockchain Summit and meet with as many stakeholders as possible who can help with their purpose.

According to Giacomo, one of their main goals in Uganda was to validate the applicability of BSV Blockchain in addressing real-world challenges, specifically through its open-source components.

“Partnering with KitePesa, a Ugandan company developing an e-money solution on BSV Blockchain, we conducted extensive field research. This included meetings with business owners, user interviews, and hands-on testing of mobile money solutions offered by Telco providers MTN and Airtel,” Giacomo shared.

The East African Market, particularly Uganda, is ripe for solutions that lower mobile money transaction fees, enable offline payments, and reduce cash-in/cash-out charges.  

“The Bank of Uganda reports that 64% of financial transactions occur through mobile money platforms, far surpassing the usage of traditional banking services. This presents a significant opportunity for BSV blockchain to offer a next-generation mobile money solution that addresses persistent challenges,” said Giacomo.

“In contrast, Europe’s market focuses more on optimizing existing systems, with less urgency for transformative solutions. Uganda’s openness to innovation and its rapid adoption of digital financial services create an ideal environment for impactful technology deployments,” he added.

To enable many more technological developments in the country, the BSVA and BAU are working to educate and support Ugandans in blockchain technology. During the BSVA’s time in Uganda, the two associations collaborated with local institutions and young people to kick off programs and advance awareness.

“As part of the partnership, we intend to launch the second edition of the Blockchain Innovation Program. This program will leverage the education material available at the BSVA, to train young people, particularly technology centric entrepreneurs and students in universities on how to apply the BSV blockchain to their innovations,” Tumusiime said.

“Secondly, we will collaborate with the BSVA to conduct several workshops and webinars to further educate young professionals by collaborating with professional bodies such as the CFA Society East Africa,” he added.

The BSVA has also partnered with local institutions, such as Makerere University, to introduce BSV-focused curricula, which provide students and developers with hands-on expertise.

Also during their time in Uganda, thanks to the BAU, the BSVA team was treated to a special seven-hour drive outside of Kampala to meet with Professor Peter BenHur Nyeko, a World Economic Forum (WEF) recognized Top Innovator in renewable energy, who has been tackling energy access challenges in rural Africa.

“We were welcomed with exceptional warmth, including a freshly prepared lunch made by local residents and a vibrant performance by 20 young folklore dancers,” said BSVA’s Head of Strategic Partnerships, Aleksander Gora.

“What began as a small energy station serving just 40 households has grown into a thriving village of 1,200 households powered by renewable energy. This station is one of several sites where Professor Nyeko implements his transformative projects,” he said.

The professor’s discussions focused on how blockchain technology could enhance his project by tokenizing carbon credits. According to Gora, the potential of tokenizing energy assets and enabling micropayments to create a more robust economic model for the microgrid was also explored.

“This journey was more than just an exploration of an opportunity; it was an inspiring look at how innovation can transform lives and how blockchain could scale this impact even further,” Gora added.

Looking back on his first trip to a sub-Saharan country, Gora described his experience in Uganda as “incredibly special,” “eye-opening,” and “inspiring.” He recounted a visit to an African market where the group spoke with micro-entrepreneurs to better understand how they run their businesses and manage payments.

“What struck me was how seamlessly community and business values are intertwined. Entrepreneurship here isn’t just about profit; it’s about helping others and addressing real societal needs,” he said.

“I was particularly moved by the ingenuity and resilience of the young entrepreneurs we met. Their projects often started with a mission to solve a problem or support their community, with financial success coming as a by-product. It was refreshing to see how purpose-driven their work was,” Gora added.

Watch: Building bridges toward a common goal