Gluwa Partners with the Central Bank of Nigeria to Foster eNaira Adoption

9 months ago 4

ARTICLE AD BOX

[PRESS RELEASE – Abuja, Nigeria, March 9th, 2024]

As a part of the move to enhance the adoption of Nigeria’s Central Bank Digital Currency (CBDC), known as eNaira, Gluwa Nigeria Limited (Gluwa) has entered into a strategic partnership with the Central Bank of Nigeria (CBN). This collaboration is formalized through a Memorandum of Understanding, positioning Gluwa as a Partner Agent dedicated to leveraging blockchain technology to increase financial inclusion, augment eNaira’s functionality, and promote financial innovation.

As a CBN Partner Agent, Gluwa is set to incorporate its state-of-the-art Credal blockchain technology with the eNaira platform. This marks the commencement of a deeper collaborative effort aimed at bringing millions of Nigerians into the CBDC ecosystem. Through its Credal technology, Gluwa endeavors to facilitate the creation of credit reputations for eNaira users, introducing a novel method to bolster CBDC adoption. The integration of Credal is anticipated to streamline loan origination, management, settlement, and credit assessment processes for local fintech lenders.

Credal addresses a pivotal issue: the confinement of credit data within traditional banking frameworks, which excludes the unbanked from establishing credit histories. Moreover, it tackles the limitation of credit profiles being domestic and not accessible across borders. By launching a public blockchain that seamlessly integrates with fintech lenders’ operations, Gluwa’s Credal has processed over 4.27 million loan transactions worth $80 million and served more than 337,000 users. This innovation enables fintech clients to engage in global investment opportunities through pseudo-anonymous credit profiles, enhancing financial inclusivity and empowering individuals previously left out of the financial system.

This partnership with the CBN signifies a significant stride in Gluwa’s mission to develop a borderless financial ecosystem centered on emerging markets, aiming at broadening financial inclusion. Together, Gluwa and the CBN are committed to establishing eNaira as a leading example of CBDC effectiveness, transforming it into a reliable and significant currency for users.

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About Gluwa

Gluwa is a pioneering L1 blockchain platform designed for the documentation and matching of credit transactions. It establishes a public ledger that records credit histories and loan performances, setting the stage for a new era of interoperable cross-chain credit markets. By collaborating with technology partners and fintech lenders, such as Aella, and engaging with financial institutions in global emerging markets, Gluwa’s Creditcoin framework is facilitating capital financing, building credit histories, and fostering trust among millions of financially underserved individuals and businesses, guided by the principles of Real World Assets (RWA).

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