Nigeria's Central Bank Enlists Gluwa Nigeria to Boost eNaira Systems, Adoption
The Central Bank of Nigeria is collaborating with blockchain technology firm Gluwa Nigeria to enhance the efficiency and adoption of the eNaira digital currency in Nigeria. The bank will issue application programming interfaces (APIs) to Gluwa for integration with its Credal blockchain technology. This partnership aims to leverage blockchain technology to improve financial inclusion, eNaira functionality, and foster financial innovation. The integration with Credal is expected to facilitate loan origination, tracking, settlement, and credit scoring for local fintech lenders. Despite efforts to increase acceptance of the central bank digital currency (CBDC) since its 2021 launch, eNaira adoption has not matched cash use due to a lack of merchants accepting it in Nigeria's $220 billion informal economy.
