Gluwa Partners with the Central Bank of Nigeria to Foster eNaira Adoption
As a part of the move to enhance the adoption of Nigeria's Central Bank Digital Currency , known as eNaira, Gluwa Nigeria Limited has entered into a strategic partnership with the Central Bank of Nigeria . This collaboration is formalized through a Memorandum of Understanding, positioning Gluwa as a Partner Agent dedicated to leveraging blockchain technology to increase financial inclusion, augment eNaira's functionality, and promote financial innovation.
As a CBN Partner Agent, Gluwa is set to incorporate its state-of-the-art Credal blockchain technology with the eNaira platform. This marks the commencement of a deeper collaborative effort aimed at bringing millions of Nigerians into the CBDC ecosystem. Through its Credal technology, Gluwa endeavors to facilitate the creation of credit reputations for eNaira users, introducing a novel method to bolster CBDC adoption.
Credal addresses a pivotal issue: the confinement of credit data within traditional banking frameworks, which excludes the unbanked from establishing credit histories. Moreover, it tackles the limitation of credit profiles being domestic and not accessible across borders. By launching a public blockchain that seamlessly integrates with fintech lenders’ operations, Gluwa’s Credal has processed over 4.27 million loan transactions worth $80 million and served more than 337,000 users.
This partnership with the CBN signifies a significant stride in Gluwa's mission to develop a borderless financial ecosystem centered on emerging markets, aiming at broadening financial inclusion. Together, Gluwa and the CBN are committed to establishing eNaira as a leading example of CBDC effectiveness, transforming it into a reliable and significant currency for users.is a pioneering L1 blockchain platform designed for the documentation and matching of credit transactions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street takes bets on which major central bank will blink firstThe Bank of Japan and the Swiss National Bank have emerged as the major central banks most likely to change course in the next two months.
Read more »
Governor’s Denial is False: Nigerian Central Bank Can Identify Cryptocurrency Flows and Money Laundering...Nigeria’s Central Bank is capable of tracking illicit financial transaction but isn’t doing so because of corruption.
Read more »
German central bank losses soar, wiping out risk provisionsNet interest income was negative for the first time in its 67-year history, declining by 17.9 billion euros ($19.4 billion) year on year.
Read more »
Frost Bank to donate $1M to Alamo, becoming ‘official bank’ of historic siteFrost Bank's $1 million donation is the latest large gift to the Alamo, which is undergoing a roughly $500 million expansion.
Read more »
Euro Collapsed Against BTC: Balaji Srinivasan on ECB Bitcoin CriticismCrypto Twitter mocking anti-Bitcoin tirade shared by European Central Bank officers
Read more »