CBN, Gluwa Partner to Accelerate eNaira Adoption

CBN, Gluwa Partner to Accelerate eNaira Adoption

Central Bank of Nigeria, has signed a Memorandum of Understanding with the blockchain firm, Gluwa to accelerate the adoption of eNaira, Nigeria’s digital currency.

In a recent statement, the firm disclosed that the partnership aimed at utilising blockchain technology to strengthen the technical capabilities of the eNaira.

The company said it would onboard millions of Nigerians by implementing its credal technology to build credit reputations for eNaira users, offering a valuable new approach to driving the adoption of the eNaira.

“We are thrilled to share monumental news! After years of relentless effort, Gluwa has signed a Memorandum of Understanding with the Central Bank of Nigeria to officially onboard as a partner agent and help drive the increased adoption of Nigeria’s CBDC, also known as eNaira.

“The partnership’s core objective is to harness the power of blockchain technology to enhance financial inclusion, improve eNaira functionality, and foster financial innovation.

“The first step towards deepened collaboration is to integrate Gluwa’s Credal blockchain innovation directly with Nigeria’s CBDC.”

According to Gluwa, credal’s integration with eNaira will enable easier loan origination, tracking, settlement, and credit scoring for local fintech lenders.

The CBN launched the eNaira in October 2021 to boost financial inclusion, facilitate cross-border transactions, and enhance diaspora remittances.

However, over the past two years since its launch, adoption has been sluggish, facing various challenges.