Gluwa, a blockchain solutions provider, has partnered with the Central Bank of Nigeria (CBN) to ramp up the use of the country’s digital currency, eNaira.
The agreement, sealed with a Memorandum of Understanding (MoU), aims to enhance the functionality of eNaira and promote financial inclusion.
In a meeting with Nigeria’s Vice President, Kashim Shettima, Gluwa CEO Tae Oh discussed collaborative efforts to enhance Nigeria’s digital landscape, particularly focusing on fintech solutions to upgrade infrastructure for Nigerians.
The partnership will leverage blockchain technology to enhance eNaira’s capabilities, drive financial inclusion, and foster financial innovation.
Gluwa plans to integrate its Credal blockchain API technology directly with eNaira, becoming the apex bank’s official Partner Agent. This integration is expected to attract millions of Nigerians, improving credit reputations.
Furthermore, the collaboration aims to streamline loan processing for local fintech lenders by enabling direct eNaira transfers to customers. Gluwa assures that this will boost the speed and efficiency of services.
By establishing eNaira as the official record for all fintech loan transactions, the partnership aims to enhance accuracy and transparency.
Gluwa also pledges to implement a secure authentication mechanism using asymmetric encryption, ensuring safe and regulatory-compliant access to financial services.
Gluwa’s partnership with the CBN marks a significant milestone in its mission to create a borderless financial ecosystem prioritising emerging markets, thereby promoting greater financial inclusion.
Additionally, Gluwa plans to launch its satellite-based ISP solution to provide internet services in underserved areas of Nigeria, furthering its mission.
This collaboration comes in the wake of Binance discontinuing its services in Nigerian currency and Nigeria’s efforts to boost eNaira adoption, following a report by the International Monetary Fund (IMF) highlighting its low adoption rate.
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