Gluwa Partners with Central Bank of Nigeria to Drive Adoption of eNaira
In March, Gluwa announced its partnership with the Central Bank of Nigeria (CBN) through the signing of a Memorandum of Understanding (MoU). This strategic collaboration aims to formalize Gluwa as a Partner Agent and bolster the adoption of Nigeria’s Central Bank Digital Currency (CBDC), known as eNaira.
The primary objective of this partnership is to leverage blockchain technology to enhance financial inclusion, optimize eNaira functionality, and stimulate financial innovation within the Nigerian economy.
By becoming the CBN’s official Partner Agent, Gluwa will seamlessly integrate its Credal blockchain innovation with Nigeria’s CBDC, marking the initial step towards a deeper collaborative effort. Gluwa aims to onboard millions of Nigerians by implementing its Credal technology, which will enable the establishment of credit reputations for eNaira users. This innovation promises to revolutionize the adoption of the CBDC by facilitating easier loan origination, tracking, settlement, and credit scoring for local fintech lenders.
Key areas of focus for the partnership between Gluwa and the CBN include simplifying fintech lending processes, authenticating transactions, and implementing robust user authentication mechanisms. These initiatives are poised to streamline financial operations, ensure accuracy and transparency in credit scoring, and provide users with secure access to financial services.
The collaboration between Gluwa and the CBN represents a significant milestone in Gluwa’s mission to build a borderless financial ecosystem that prioritizes emerging markets and fosters greater financial inclusion.
The Significance of Credal
At the heart of this partnership lies Credal, Gluwa’s innovative solution designed to address the challenge of credit-related data confinement within traditional banking systems. Credal introduces a public blockchain that seamlessly integrates with the processes of fintech lenders, enabling access to credit profiles beyond national borders. With over 4.27 million loan transactions valued at $80 million (USD) and servicing over 337,000 users, Credal has revolutionized financial inclusivity by offering pseudo-anonymous credit profiles. These profiles enable clients of fintech lenders to participate in global investment pools, unlocking opportunities for underserved individuals worldwide.
The Future of Real-World Assets with Gluwa
Gluwa’s partnership with the Central Bank of Nigeria heralds a new era for real-world assets. As Gluwa collaborates with the CBN to enhance eNaira’s utility throughout 2024, the vision is to transform eNaira into a reliable and impactful CBDC, setting a precedent for digital currencies worldwide.