eNaira Advances Technology: Gluwa Expands Financial Inclusion
Key Takeaways
- The Central Bank of Nigeria is working with Gluwa to drive eNaira adoption and support the unbanked.
- Gluwa’s Credal technology aims to increase the attractiveness of eNaira by streamlining financial operations.
- The initiative seeks to create credit profiles that are accessible to those outside of traditional banking, potentially inspiring global financial inclusion efforts.
The Central Bank of Nigeria (CBN) has joined hands with Gluwa Nigeria, a blockchain financial platform. Strengthening the adoption and usability of Nigeria’s digital currency, eNaira.
This collaboration focuses on leveraging technology. improve Financial inclusion for the unbanked population in Nigeria.
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
Despite being the world’s second-oldest central bank digital currency (CBDC), eNaira’s adoption has been minimal since its launch in October 2021. Therefore, this initiative It aims to increase participation in digital currencies.
This integration is expected as follows: Streamline various financial processesThis increases the attractiveness and functionality of CBDC.
Tae Oh, CEO of Gluwa and CEO of Creditcoin Network Benefits revealed Take advantage of Gluwa’s Credal technology:
The integration of Credal and eNaira will make loan origination, tracking, settlement and credit assessment easier for local fintech lenders.
He emphasized that the project aims to: Facilitates building a credit reputation. For people who don’t have access to traditional banking. Additionally, the credit profile is designed to: accessible worldwide, This improves financial inclusion.
As the project progresses, it will serve as a model for similar initiatives around the world, highlighting the potential of the technology to bridge economic gaps.
In other news, Binance announced that it will suspend all services related to Nigerian Naira (NGN) until March 8 due to regulatory concerns. Users are encouraged to withdraw or convert their NGN holdings before the deadline.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst who delivers data-driven and fact-based content as well as speaking to both Web3 natives and industry newcomers.
Aaron is our go-to guy for all things digital currency. With a huge passion for blockchain and Web3 education, Aaron is working to transform the space as we know it and make it more accessible to complete beginners.
Aaron has been quoted in several popular media outlets and is a published author himself. In his spare time, he enjoys researching market trends and looking for the next supernova.
