Abuja, Nigeria, March 9, 2024, Chainwire
In a move to boost 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). The collaboration was formalized through a Memorandum of Understanding (MOU), positioning Gluwa as a partner agent committed to leveraging blockchain technology to increase financial inclusion, enhance the capabilities of eNaira, and drive financial innovation.
As a CBN Partner Agent, Gluwa will integrate cutting-edge Credal blockchain technology with the eNaira platform. This marks the beginning of a deeper collaborative effort to bring millions of Nigerians into the CBDC ecosystem. Through Credal technology, Gluwa is working to foster the creation of a credit reputation for eNaira users by introducing new ways to strengthen CBDC adoption. The integration of Credal is expected to streamline the loan origination, management, settlement and credit assessment processes for local fintech lenders.
Credal addresses a pivotal issue: limiting credit data within the traditional banking framework, thereby excluding the underbanked from establishing a credit record. Moreover, it addresses the limitations of domestic credit profiles and inaccessibility across borders. By launching a public blockchain that integrates seamlessly with the fintech lender’s operations, Gluwa’s Credal has processed more than 4.27 million loan transactions worth $80 million and served more than 337,000 users. These innovations will enable fintech customers to participate in global investment opportunities through virtual, anonymous credit profiles, strengthening financial inclusion and empowering individuals previously excluded from the financial system.
This partnership with CBN marks a significant step forward in Gluwa’s mission to develop a borderless financial ecosystem focused on emerging markets with the goal of expanding financial inclusion. Together, Gluwa and CBN are committed to establishing eNaira as a leading example of CBDC efficiency, transforming it into a trustworthy and important currency for users.
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Introduction to Gluwa
Gluwa is a pioneering L1 blockchain platform designed for documenting and matching credit transactions. This sets the stage for a new era of interoperable cross-chain credit markets by establishing a public ledger that records credit history and loan performance. By collaborating with technology partners and fintech lenders like Aella, and collaborating with financial institutions in global emerging markets, Gluwa’s Creditcoin framework facilitates capital raising, builds credit history, and fosters trust among millions of financially underserved individuals and businesses. I’m doing it. Principles of Real World Assets (RWA).
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