Zambia leads the impact capital revolution: Kula channels 50 million into community-governed RWA

While the world discusses asset tokenization, a decentralized investment firm is demonstrating how to redirect capital to where it is truly needed. Kula has fully on-chain channeled $50 million, and Zambia emerges as a case study of the model: a limestone concession where local communities not only participate in profits but also directly govern the resources through decentralized tokens.

“The most significant progress in RWA will not come from tokenizing yields, but from expanding who can participate in decision-making,” explains Paul Jackson, CEO of Kula, reflecting on how impact capital should function differently.

From concentrated capital to decentralized capital: The Zambia model

The structure is revolutionary in its simplicity. Instead of distant investors controlling projects, Kula issues governance tokens directly linked to assets—such as the limestone initiative in Zambia, hydroelectric projects in Nepal, and electric mobility infrastructure in East Africa. Each operates under a fully transparent Regional DAO Framework on the blockchain.

Specifically in Zambia, local communities can vote on capital allocation, asset management, and operational planning. The decision-making power shifts from centralized institutions to those who generate the value.

Redirecting capital flows toward excluded markets

Global numbers are compelling: impact investment assets exceed $1.6 trillion worldwide, but over 70% remain concentrated in high-income countries. This means that rapidly growing emerging economies are systematically excluded from global finance.

Kula presents itself as the mechanism to invert this dynamic. The company has raised $25 million from investors aligned with its mission focused on community governance. Each dollar channeled aims to make previously inaccessible resources investable while empowering communities to participate in decisions about the resources shaping their futures.

The RWA market takes off: Where is capital headed?

Real-world asset tokenization is expected to surpass $2 trillion by 2028. Kula’s approach suggests that the next chapter will not be about the speed of tokenization, but about who controls the decisions behind those assets.

With models like Zambia’s being replicated in Nepal, East Africa, and potentially other emerging markets, the logic is clear: the future of on-chain assets will come with built-in responsibility, and the power to shape outcomes will reside closer to the source—in the communities that generate the value.