Nigerian central bank partners with Gluwa to grow eNaira platform

  • The Central Bank of Nigeria (CBN) and Gluwa Nigeria have formalised their collaboration on promoting the eNaira central bank digital currency (CBDC) through a memorandum of agreement.
  • Gluwa, a longstanding blockchain-based financial platform in Nigeria, is set to integrate its Credal technology into the eNaira platform.
  • Gluwa’s recent proposal to advise the Nigerian government on cryptocurrency policy in April 2023 has attracted significant public attention.

In partnership with Gluwa, the Central Bank of Nigeria (CBN) is enhancing the eNaira platform. The Central Bank of Nigeria (CBN) showcases a proactive approach to digital currency adoption. Gluwa’s commitment to financial inclusion resonates positively, offering hope for addressing the credit rating disparity in Africa. This collaboration may signify a step forward in bridging the gap between traditional banking systems and innovative fintech solutions.

–Sylvia Shen, BTW reporter

The eNaira central bank digital currency (CBDC) is being promoted by the Central Bank of Nigeria (CBN) and Gluwa Nigeria through the completion of a memorandum of agreement.

Gluwa’s vision for financial inclusion

Gluwa, a blockchain-based financial platform, has operated in Nigeria for numerous years. Gluwa will incorporate its Credal technology into the eNaira platform.

Gluwa intends to advance financial inclusion by enabling unbanked individuals to build “credit reputations.”

Also read: Nigerian Social Payments App Shuts Down Crypto Exchange Services

Africa’s credit rating challenge

This is the CBN’s most recent effort to increase eNaira usage.

The eNaira, which debuted in October 2021, is the second-oldest CBDC globally. Less than 1% of Nigerians with bank accounts as of mid-2023 had eNaira wallets, and fewer than 1.5% of those wallet users used them every week.

In Africa, credit ratings are a sore point. Of Africans, just 20% to 30% have a credit score, making the rest of the population “invisible” to lenders. A large number of payment options in Africa, such as Gluwa, rely on using mobile phones instead of conventional banking infrastructure.

Also read: Nigeria issues summons to Binance CEO over alleged financial crimes

Gluwa has been operational in Nigeria since at least 2022, collaborating with the Lagos regional government to tokenise agricultural assets.

In April 2023, Gluwa garnered widespread attention by presenting a proposal to the Nigerian government to offer guidance on cryptocurrency policy.

Following the Nigerian government’s February criticism of cryptocurrency exchanges, Binance has announced that it would stop using the naira as of March 8.


Sylvia Shen

Sylvia Shen is an editorial assistant at Blue Tech Wave specialising in Fintech and Blockchain. She graduated from the University of California, Davis. Send tips to

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