Central Bank of Nigeria and Gluwa Nigeria Limited partner to develop eNaira: how will it change the country’s financial sector?

The Central Bank of Nigeria Advances eNaira through Partnership with Gluwa Nigeria Limited

The Central Bank of Nigeria (CBN) is pushing forward the digital currency of Nigeria, eNaira, through a strategic partnership with the blockchain company Gluwa Nigeria Limited. The collaboration, confirmed by a Memorandum of Understanding (MoU), aims to support blockchain technology to enhance financial inclusion and innovation in the country.

The Partnership Aims to Boost the Development of eNaira and Financial Inclusion in Nigeria

Gluwa Nigeria Limited will act as a partner-agent, leveraging its advanced blockchain technology, Credal, to enhance the functionality of eNaira and promote its accessibility nationwide. The integration of Gluwa’s Credal technology with the eNaira platform is set to revolutionize financial services in Nigeria, simplifying credit reputation acquisition for eNaira users and increasing the adoption of the digital currency.

Gluwa’s Credal Blockchain Technology as the Key to Success

Gluwa’s blockchain technology, Credal, has already made significant strides in the fintech space, processing over 4.27 million credit transactions worth a total of $80 million and serving more than 337,000 users. Through this technology, Gluwa works towards facilitating capital financing, creating credit histories, and fostering trust among millions of individuals and businesses that have previously been financially excluded.

Gluwa Nigeria Limited Aims for Financial Inclusion through Partnerships with Financial Institutions

Gluwa Nigeria Limited is taking steps to facilitate access to financial services and build credit histories by collaborating with technological structures, fintech lenders like Aella, and financial institutions in emerging markets worldwide. These partnerships aim to enhance financial inclusion and strengthen Gluwa Nigeria Limited’s position in the market.

The partnership between CBN and Gluwa Nigeria Limited is a significant step towards the development of Nigeria’s digital currency and the financial sector, which could lead to an increase in eNaira users and improved access to financial services in the country.