Nigeria's Central Bank and Gluwa Join Forces to Empower eNaira Amid Global Regulatory Shifts Nigeria's Central Bank has found a valuable ally in Gluwa Nigeria, a blockchain-based financial platform, as they collaborate to propel the adoption of eNaira, the country's very own central bank digital currency (CBDC).
This partnership, announced on March 7th, underscores the Central Bank's unwavering dedication to tackling challenges in financial inclusion and CBDC integration.
Gluwa's game plan? By integrating with eNaira, they aim to furnish
unbanked individuals with credit profiles, effectively digitizing ratings and credit scores. This innovation will open doors for more Nigerians to access credit in a streamlined, CBDC-compliant manner. But that's not all – Gluwa's solution also encompasses credit management, settlement, and assessment for local fintech lenders.
Africa has long grappled with credit system roadblocks, but Gluwa is determined to change the narrative. Their blockchain-powered approach leverages tokenization and peer-to-peer transactions to bridge the data gap in traditional credit scoring.
While Nigeria embraces eNaira, its relationship with cryptocurrency remains complex. The government's initial restrictions on commercial banks engaging with the crypto sector have been lifted, but regulatory inconsistencies persist.
Recent actions by the Nigerian Communications Commission (NCC) have further muddied the waters, blocking access to select cryptocurrency platforms like Binance due to concerns over market manipulations. Nevertheless, Nigeria continues to lead in peer-to-peer crypto trades.
Tae Oh, the visionary behind Gluwa and CEO of Creditcoin Network, is steadfast in his commitment to driving eNaira adoption and spearheading blockchain-driven financial innovation across Nigeria and beyond.
