CBN, Blockchain Firm Unite To Boost e-naira Adoption

THE Central Bank of Nigeria (CBN) has signed a Memorandum of Understanding (MOU) with a blockchain firm, Gluwa to drive the increased adoption of Nigeria’s digital currency, e-naira.

The blockchain firm, in a statement, said that the partnership’s core objective is to harness the power of blockchain technology to enhance financial inclusion, improve e-naira functionality, and foster financial innovation.

By becoming the CBN’S official partner agent, Gluwa will integrate its Credal blockchain innovation directly with e-naira, as a first step towards deepened collaboration.

The company said it aims to onboard millions of Nigerians by implementing its Credal technology to build credit reputation for e-naira users as a valuable new way to drive the adoption of the Central Bank Digital Currency

(CBDC).

Noting that the integration of its Credal technology would enable easier loan origination, tracking, settlement, and credit scoring for local fintech, Gluwa said the partnership will focus on “Enabling fintech lenders to expedite the loan origination process by facilitating direct e-naira transfers to customers, thereby enhancing the speed and efficiency of services provided.

Other areas of focus are: “Establishing the e-naira 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,” it stated.