The State of RWA Tokenization in Africa, November 2026
Across Africa, regulators are writing the rules for tokenized real-world assets before the market exists. In the past six months Rwanda passed a law, Kenya gazetted detailed licensing regulations, Nigeria’s securities regulator proposed a full rulebook, and Ghana opened a sandbox. We looked at seven countries to see where each one stands: the rules, the land records behind them, and what is actually live.
The global picture, briefly
Tokenized real-world assets on public blockchains were worth roughly $31 to $34 billion in May 2026, excluding stablecoins. Estimates vary by tracker. Tokenized US Treasuries are the largest part, at about $15 billion. Property is still a small share. The reason is the one our last article covered: tokenization works first where the ownership record already exists and is trusted. For property in Africa, building that record is the work.
Three questions regulators keep asking
The countries are very different, but the rules that have arrived ask almost the same three questions.
What is it worth? Rwanda requires a qualified valuer. Kenya requires an independent valuer’s report for each offering.
Who holds the title? Kenya asks for evidence that the asset is free of encumbrances and that its ownership can be established. Nigeria’s proposed rules require an independent legal opinion confirming valid title.
Where is it kept, and is it kept apart? Rwanda requires the asset to be ring-fenced and the tokens fully backed. Kenya requires a custody agreement.
Valuation, title and separation are the same checks a careful buyer would make. That is a good sign: the rules are asking for the substance behind the token, not only the technology.
Seven countries
Rwanda: the record first, then the rules
Rwanda did the unglamorous part first. Its land tenure programme registered around ten million parcels between 2009 and 2013, and electronic land titles replaced paper certificates in January 2023. Then came the law. Law No. 023/2026, dated 25 May and published on 28 May 2026, makes the Capital Market Authority the regulator for virtual asset business and requires its approval to tokenize a real-world asset. Detailed rules on licensing and capital are still to come.
Kenya: the most detailed framework, and a deadline
Kenya’s Virtual Asset Service Providers Act took effect on 4 November 2025, and the regulations were gazetted on 22 July 2026. The Capital Markets Authority licenses tokenization of real-world assets in two stages. First a platform licence, which carries a paid-up capital requirement of KES 100 million. Then separate approval for each offering, supported by a white paper, an independent valuer’s report, a custody agreement and evidence of clean ownership. Existing operators have until 4 November 2026 to obtain licences.
On land, the Ardhisasa system is being rolled out area by area. From 20 July 2026, transactions in the newly added Mombasa blocks must go through it, and manual processing for them has stopped.
Nigeria: rules proposed, capital set
Nigeria’s Investments and Securities Act 2025 lists digital assets and tokens among regulated investments, with the SEC in charge. In January 2026 the SEC set a minimum capital of ₦1 billion for a Real-World Asset Tokenisation Platform, with compliance due by 30 June 2027. On 20 August 2026 it proposed fuller rules. They are not final. The proposals include an independent legal opinion on title and limits on how much retail investors can put in: ₦1 million per issuer and ₦10 million in total over twelve months.
On land, the federal “Land4Growth” programme, launched in August 2025, aims to raise formal land registration by at least 50% within a decade, with the states leading.
Ghana: a sandbox and a summit
Ghana’s 2025 virtual asset law gives the SEC responsibility for tokenization. In March 2026 the SEC admitted 11 firms to a 12-month sandbox. One of them, GoldBod, is expected to pilot gold tokenization through a special purpose vehicle. We found no real estate firm among them. Ghana is also preparing nationwide digital land maps, but has not announced a timeline.
On 2 and 3 November, Accra hosts the Africa Virtual Asset Summit, with participants expected from more than 30 countries and a proposed Accra Declaration. The second day covers tokenizing real-world assets, including real estate.
South Africa: licensed providers, no dedicated tokenization rules yet
South Africa has had a licensing regime for crypto asset service providers since 2023, built on the 2022 decision to treat crypto assets as financial products. About 300 providers had been approved by December 2025. We did not find a dedicated framework for tokenizing real-world assets.
Mauritius: securities rules apply
In Mauritius, tokens that qualify as securities fall under the Securities Act, and are excluded from the separate virtual asset law. The Financial Services Commission has issued guidance on security token offerings, last updated in 2022. Public offers need a registered prospectus, and token trading platforms need a licence. A token backed by property is assessed case by case.
Tanzania: a framework on the way
Tanzania does not yet have a tokenization framework. On 13 July 2026, the Governor of the Bank of Tanzania said the central bank is finalising laws and regulations for digital assets. Nothing has been enacted. On land, the e-Ardhi system is working in several mainland regions, including Dodoma, Arusha, Tanga, Mbeya and Mwanza, and Zanzibar says its land digitization is in progress.
What is still missing
Two things stand out. First, products. We did not find a tokenized property offering running under any of these new frameworks yet, and the one real-world asset pilot we confirmed, in Ghana, is still planned. Second, complete land records. Every country above is part of the way there, from Rwanda, which is furthest along, to those still preparing. A token can only carry the trust that the record behind it already holds.
What to watch next
· 2nd to 3rd November: the Africa Virtual Asset Summit in Accra, and whether the Accra Declaration is adopted.
· 4th November: Kenya’s licensing deadline for existing operators.
· Nigeria: whether the SEC’s proposed rules become final.
· Rwanda: the detailed rules on licensing and capital.
· Tanzania: the Bank of Tanzania’s framework.
Where Oaksvale fits
At Oaksvale we are designing our platform with the three questions in mind: what a property is worth, who holds the title, and whether it is kept separate. The property and its legal ownership stay where the law puts them, and the on-chain record is designed to sit alongside, representing each owner’s units. We are building it to work with land registries as they digitize.
Closing thought
Africa is writing the rules before the market exists. That is rare. It means the continent can build in the right order: the record first, then the rules, and then the products that rest on both.
Sources
Spencer West: Kenya’s VASP Regulations 2026 · TL Advocates: the gazetted Kenyan regulations · Kenya Lands Ministry: Ardhisasa in Mombasa · Olaniwun Ajayi: Nigeria’s proposed SEC rules · OAL: tokenised real estate in Nigeria · VON: Nigeria’s national land reform · ENS: Rwanda’s virtual asset law · Citi Newsroom: Ghana’s SEC sandbox · GNA: Ghana’s digital maps · DLA Piper Africa: South Africa’s FSCA licensing · Mauritius FSC: security token guidance · Tanzania Insight: Bank of Tanzania regulations · TanzaniaInvest: e-Ardhi · AllAfrica: Zanzibar’s land reforms · MyJoyOnline: the Accra summit · KuCoin: the RWA market size
