Liberia, a West African nation, is exploring the development of a central bank digital currency (CBDC) in collaboration with Gluwa, a real-world asset platform. Gluwa, which recently partnered with the Bank of Nigeria (CBN) to support its CBDC initiative, ‘eNaira,’ will be involved in the research and development of Liberia’s CBDC. Tae Oh, CEO of Gluwa, held discussions with Liberia’s President, Joseph Boakai, to explore the potential of creating a CBDC.
President Boakai highlighted that such meetings provide valuable insights into the government’s commitment to economic growth. According to an announcement by Gluwa on March 15, discussions with the country’s president also addressed challenges related to Liberia’s limited internet connectivity, which hampers digital inclusion in rural areas.
On the morning of Thursday, March 14, Liberia experienced a significant internet outage lasting over 14 hours, disrupting online transactions, including mobile money transfers and banking services. Gluwa proposed a solution to address this issue by suggesting the introduction of satellite-based Internet Service Providers (ISPs) tailored to extend affordable internet connectivity to rural areas.
Gluwa emphasized that its collaboration with Liberia’s CBDC initiative would necessitate thorough integration with the country’s current mobile money system. Additionally, the blockchain firm’s ISP solution aims to bolster the infrastructure needed to facilitate accessibility to the country’s CBDC solution.
Gluwa to Assist in Developing CBDCs for Liberia, Nigeria, and Ghana
Gluwa has been actively engaged in discussions with key stakeholders across West Africa to enhance financial inclusivity within the region. Recently, CEO Tae Oh met with Mahamudu Bawumia, the Vice President of Ghana, to explore avenues for improving access to financial services within the country. During this meeting, discussions centered around the ongoing development of Ghana’s Central Bank Digital Currency (CBDC), reflecting Gluwa’s commitment to fostering digital financial infrastructure in the region.
In Nigeria, Gluwa solidified its commitment to the advancement of digital finance by signing a Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) to formally join as a Partner Agent for the eNaira initiative. This partnership underscores Gluwa’s role as a key player in the implementation of Nigeria’s CBDC.
Moreover, Gluwa announced its plans to integrate its Credal blockchain innovation directly into Nigeria’s CBDC framework, signaling a significant step towards enhancing the functionality and efficiency of the digital currency. The collaboration between Gluwa and the CBN extends beyond CBDC development, with a focus on streamlining fintech lending processes, ensuring transaction authenticity, and implementing robust user authentication mechanisms. This multifaceted partnership highlights Gluwa’s comprehensive approach to supporting Nigeria’s digital financial ecosystem and promoting financial inclusion on a broader scale across West Africa.
