Gluwa Partners with Central Bank of Nigeria to Drive CBDC Adoption
The partnership aims to harness blockchain technology to enhance financial inclusion, improve eNaira functionality, and foster financial innovation.
We are thrilled to share monumental news! After years of relentless effort, Gluwa has signed a Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) to officially onboard as a Partner Agent and help drive the increased adoption of Nigeria’s CBDC, also known as eNaira.
The partnership’s core objective is to harness the power of blockchain technology to enhance financial inclusion, improve eNaira functionality, and foster financial innovation.
By becoming the CBN’s official Partner Agent, Gluwa will integrate its Credal blockchain innovation directly with Nigeria’s CBDC (eNaira), as a first step towards deepened collaboration. Gluwa sets its high ambitions of onboarding millions of Nigerians by implementing its Credal technology to build credit reputations for eNaira users as a valuable new way to drive the adoption of the CBDC. Credal’s integration will also enable easier loan origination, tracking, settlement, and credit scoring for local fintech lenders.
Additionally, the partnership between Gluwa and the CBN will focus on:
- Simplifying Fintech Lending — Enabling fintech lenders to expedite the loan origination process by facilitating direct eNaira transfers to customers, thereby enhancing the speed and efficiency of services provided.
- Authenticating Transactions — Establishing the eNaira as the definitive record for all loan transactions conducted by fintech partners, ensuring accuracy and transparency in financial operations and credit scoring.
- User Authentication — Implementing a robust authentication mechanism utilizing asymmetric encryption with private/public keys, to offer users a secure, private, and regulatory-compliant way of accessing financial services.
Becoming an official technology partner of the CBN marks a major leap forward in our continued mission to build a borderless financial ecosystem that focuses on emerging markets to foster greater financial inclusion.
Why Credal is Significant
Our goal with Credal was to tackle a significant challenge: credit-related data being exclusively confined within traditional banking systems, leaving the unbanked with no means to establish credit profiles.
Adding to this limitation, existing credit profiles are inherently domestic and lack accessibility beyond a country’s borders. Recognizing the critical role a credit profile plays in fostering financial independence, we believe that its scope should extend beyond national boundaries.
Credal unlocked these boundaries with the establishment of a public blockchain that easily integrated with the processes of fintech lenders, in which the RWA-focused network has recorded over 4.27 million loan transactions valued at $80 million (USD) and has serviced over 337,000 users. By having pseudo-anonymous credit profiles, the clients of fintech lenders qualified for participation in global investment pools, fostering financial inclusivity and creating opportunities for previously underserved individuals.
The Future of Real-World Assets is with Gluwa
Gluwa is honored to partner with the Central Bank of Nigeria to take real-world assets to new heights. We will roll out plans for improving eNaira’s utility over the course of 2024 with the CBN and aim to make eNaira a beacon example of CBDCs by transforming it into a dependable, meaningful currency for its users.
Follow us on the exciting journey ahead:
About Gluwa
Gluwa is an RWA platform, connecting capital from developed markets to emerging market lending opportunities using blockchain technology. By providing the decentralized infrastructure rails to raise and disburse capital anywhere in the world, and securing immutable credit data on Creditcoin, Gluwa is empowering a new generation of users with the economic tools, information and accessibility they need to thrive, redefining the way we think about global capital markets.
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