The Central Bank of Nigeria has taken a significant step towards boosting the adoption of eNaira, the country’s digital currency, by partnering with blockchain firm Gluwa. This collaboration aims to leverage blockchain technology to enhance the technical capabilities of eNaira and drive its widespread adoption.
Gluwa announced the partnership on Thursday, expressing excitement over the opportunity to work with the Central Bank of Nigeria as an official partner agent. The primary goal of this partnership is to utilize blockchain technology to promote financial inclusion, improve the functionality of eNaira, and encourage financial innovation.
One of the key initiatives of this collaboration is the integration of Gluwa’s Credal blockchain innovation with eNaira. This integration will enable millions of Nigerians to build secure credit reputations on-chain, providing a new avenue for driving the adoption of eNaira. Additionally, the partnership will facilitate easier loan origination, tracking, settlement, and credit scoring for local fintech lenders.
Since its launch in October 2021, eNaira has aimed to enhance financial inclusion, facilitate cross-border transactions, and improve diaspora remittances. However, the adoption of eNaira has faced challenges, with a significant number of eNaira wallets being abandoned shortly after download.
In response to these challenges, stakeholders have recommended that the Central Bank of Nigeria collaborate with fintech companies to drive the adoption of eNaira. The partnership between the Central Bank of Nigeria and Gluwa represents a significant step towards addressing these challenges and accelerating the adoption of eNaira.
The collaboration between the Central Bank of Nigeria and Gluwa highlights the potential of blockchain technology to revolutionize the financial landscape in Nigeria and drive the widespread adoption of digital currencies like eNaira. By leveraging innovative solutions and strategic partnerships, Nigeria is poised to enhance financial inclusion and foster economic growth through the adoption of digital currencies.
