The pioneering African CBDC has few users, but creating credit histories for them will promote financial inclusion.
The Central Bank of Nigeria (CBN) has concluded a memorandum of understanding with Gluwa Nigeria to promote the usage of the eNaira central bank digital currency (CBDC). Gluwa is a blockchain-based financial platform that has been active in Nigeria for several years.
As an agent partner of the CBN, Gluwa will integrate its Credal technology into the eNaira platform, according to a statement sent to Cointelegraph. It plans to enable the creation of “credit reputations” for unbanked users, thus furthering financial inclusion. The credit profiles it will create will be “accessible across borders” and increase the CBDC’s effectiveness:
This is the latest of many attempts by the CBN to boost eNaira usage. The eNaira is the world’s second-oldest CBDC, launched in October 2021. Less than 1% of Nigerians with bank accounts had eNaira wallets, and less than 1.5% of wallet holders were active in a week, as of mid-2023.
