Following Binance Exit, CBN Partners With Blockchain Firm Gluwa, to Propel eNaira Adoption

The Central Bank of Nigeria (CBN) has sealed a partnership with blockchain credit infrastructure firm, Gluwa, to accelerate the adoption of eNaira.

eNaira is Nigeria’s central bank digital currency (CBDC) launched in October 2021, under the Buhari-led administration.

The collaboration between CBN and Gluwa aims to leverage blockchain technology, enhance financial inclusion, and improve eNaira functionality. Gluwa, now the official Partner Agent of the CBN, is expected to integrate its blockchain innovation directly with eNaira. According to a statement from Gluwa, the objective is to onboard millions of Nigerians by implementing Credal technology to establish credit reputations for eNaira users.

This development comes at a time when the Nigerian government’s efforts to regulate crypto platforms led to the exit of Binance. The giant crypto platform discontinued all NGN-related services for Nigerians in response to desperate government actions.

Highlighting the focus of the partnership, the blockchain firm stated:

“Establishing the eNaira as the definitive record for all loan transactions conducted by fintech partners, ensuring accuracy and transparency in financial operations and credit scoring.

“Implementing a robust authentication mechanism utilising asymmetric encryption with private/public keys, to offer users a secure, private, and regulatory-compliant way of accessing financial services.”

The firm also emphasised enabling fintech lenders to streamline the loan origination process through direct eNaira transfers to customers. The digital currency have, in the past, experienced 24/7 uptime but struggled with disappointingly low public adoption; Gluwa hopes to overcome this hurdle.

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