The nation still uses cash, so the adoption of the digital currency issued by the central bank is insignificant.
- The goal of integrating Gluwa’s Credal blockchain API technology with the eNaira is the Central Bank of Nigeria.
- Local fintech lenders will benefit from simpler loan origination, tracking, settlement, and scoring thanks to this arrangement.
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The Central Bank of Nigeria is collaborating with Gluwa Nigeria, a blockchain technology company, to improve the eNaira digital currency’s systems and increase its uptake in the nation of over 226 million people.
Application programming interfaces (APIs) for Gluwa’s Credal blockchain technology will be provided by the central bank. Software middlemen known as APIs facilitate communication between apps.
According to a statement by Gluwa, the “primary goal is to leverage blockchain technology to promote financial innovation, eNaira functionality, and financial inclusion.”
For local fintech lenders, connecting through Credal is meant to facilitate loan origination, tracking, settlement, and credit scoring.
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Since its introduction in 2021, Nigeria has worked to increase the central bank digital currency’s (CBDC) level of acceptance. In the first four months of last year, the value of transactions surged 63% to 22 billion naira ($14 million), and the number of eNaira wallets increased more than 12-fold to 13 million between October 2022 and March 2023.
The $220 billion informal economy in the nation depends heavily on cash, and eNaira adoption has not kept up with cash use in the most populous country in Africa, partly because there aren’t enough merchants accepting the currency.
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