Nigeria Partners Blockchain Firm Gluwa to Promote The Adoption of eNaira
The federal government of Nigeria through the Central Bank of Nigeria (CBN) has part has partnered with blockchain technology firm Gluwa to increase the adoption and efficiency of the country’s digital currency, the eNaira.
As an agent partner of CBN, Gluwa will integrate its Credal technology into the eNaira platform, to enable the creation of credit reputations for unbanked users thus furthering financial inclusion. The credit profiles created will be accessible across borders and increase the CBDC’s effectiveness.
Speaking via a press release, Gluwa said the partnership’s core objective is to harness the power of blockchain technology to enhance financial inclusion, improve eNaira functionality and foster financial innovation.
Gluwa further disclosed that it will roll out plans for improving eNaira’s utility over the course of 2024 with the CBN aim to make eNaira a beacon example of CBDCs by transforming it into a dependable, meaningful currency for its users.
Additionally, the partnership between Gluwa and the CBN will focus on the following;
• 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.
CBN’s partnership with Gluwa is the latest of many attempts by the apex bank to boost the adoption of the eNaira. Since the launch of the digital currency in October 2021,
