Nigeria’s Central Bank Partners Gluwa to Advance e-Naira Adoption

In a strategic move aimed at accelerating the adoption of its digital currency, the e-Naira, the Nigerian Central Bank (CBN) has forged a partnership with blockchain infrastructure firm Gluwa. 

As per the announcement, this collaboration heralds a new chapter in Nigeria’s journey towards embracing digital currencies and underscores the central bank’s commitment to innovation and financial inclusion.

Gluwa Introduces its Credal Technology to the e-Naira Ecosystem

Gluwa, known for its pioneering blockchain solutions, brings its expertise to the table with the introduction of its Credal technology to the e-Naira ecosystem. This technology, which powers loans on the real-world asset-oriented Creditcoin blockchain developed by Gluwa, holds the promise of revolutionizing the lending landscape within Nigeria’s digital currency framework.

By integrating Gluwa’s Credal technology into the e-Naira, Nigeria’s central bank aims to enhance the utility and accessibility of its Central Bank Digital Currency (CBDC). Also, the partnership with Gluwa represents a strategic move to leverage blockchain innovation to address real-world financial needs, particularly in the realm of lending and credit.

Gluwa’s Credal technology offers a novel approach to lending, leveraging blockchain-based smart contracts to facilitate secure and transparent lending processes. By harnessing the power of blockchain technology, Gluwa seeks to democratize access to credit and empower individuals and businesses with greater financial autonomy.

Nigeria Central Bank Keen on Economic Empowerment

Interestingly, the integration of Credal technology into the e-Naira ecosystem holds the potential to unlock new opportunities for economic empowerment and financial inclusion in Nigeria. Through the facilitation of blockchain-based lending, individuals and businesses can access much-needed capital to fuel growth and innovation.

Furthermore, the partnership between Nigeria’s central bank and Gluwa underscores the importance of collaboration between traditional financial institutions and blockchain innovators in driving the adoption of digital currencies. By combining the regulatory oversight of the central bank with the technical expertise of blockchain firms like Gluwa, Nigeria can navigate the complexities of digital currency adoption more effectively.

Nigeria’s Plan for CBDC

Recall that the CBN took a step forward last year to encourage the use of e-Naira. In the past, there have been doubts about Nigeria’s CBDC success, nonetheless, the country has worked hard to introduce the eNaira after receiving authorization from the Federal High Court.

So far, the CBDC project has undergone several upgrades and integration to make it easier for Nigerians to navigate. In 2022, the use of Unstructured Supplementary Service Data (USSD) on mobile phones for e-Naira transactions was introduced for users.