Liberia, a West African nation, is considering the creation of a central bank digital currency (CBDC) in partnership with real-world asset platform Gluwa.

Gluwa, which recently collaborated with the Bank of Nigeria (CBN) to support the development of the ‘eNaira’ CBDC, will assist in the research and development of Liberia’s CBDC. Tae Oh, CEO of Gluwa, met with Liberia’s President, Joseph Boakai, to explore the potential of building a CBDC.

President Boakai viewed the meeting as an opportunity to learn more about the government’s commitment to economic growth.

According to Gluwa’s announcement on March 15, the discussion with the president also addressed the issue of slow internet connectivity in Liberia, which has hindered digital inclusivity, particularly in rural areas.

Liberia experienced a significant internet disruption on Thursday, March 14, lasting over 14 hours, impacting online transactions including mobile money transfers and banking services.

Gluwa proposed the introduction of a satellite-based Internet Service Provider (ISP) specifically designed to extend low-cost internet connectivity to rural areas.

In addition to addressing internet connectivity challenges, Gluwa’s collaboration with Liberia’s CBDC initiative would require compatibility with the country’s existing mobile money system, according to the company.

The ISP solution provided by Gluwa aims to support the necessary infrastructure for the accessibility and implementation of Liberia’s CBDC solution.

To stay informed about the progress of Liberia’s CBDC initiative and related developments, it is recommended to follow official announcements from the government or reliable news sources.

Gluwa Partners with Liberia, Nigeria, and Ghana to Develop CBDCs

Gluwa, the real-world asset platform, has been actively engaging with government officials in various African nations to explore opportunities for improving financial inclusivity and supporting the development of central bank digital currencies (CBDCs). The company’s recent interactions with key figures in Ghana and Nigeria demonstrate its commitment to advancing digital financial services and blockchain technology in the region.

In Ghana, Gluwa’s CEO, Tae Oh, had the privilege of meeting with Mahamudu Bawumia, the Vice President of Ghana. The discussions centered around strategies to enhance financial inclusivity within the country, addressing the challenges faced by underserved populations and exploring innovative solutions. The meeting also provided an opportunity to delve into the ongoing development of Ghana’s CBDC, a digital currency issued and regulated by the central bank.

Meanwhile, in Nigeria, Gluwa signed a significant Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) to establish itself as an official Partner Agent for the eNaira, Nigeria’s forthcoming CBDC. This partnership solidifies Gluwa’s role in supporting the adoption and implementation of the eNaira across the country. By becoming a Partner Agent, Gluwa will be intricately involved in the ecosystem of the eNaira, facilitating its usage and contributing to the growth of digital financial services in Nigeria.

Moreover, Gluwa announced its plans to integrate its Credal blockchain innovation directly into Nigeria’s CBDC infrastructure. This integration aims to streamline fintech lending processes, enhance transaction authentication mechanisms, and implement robust user authentication protocols. By leveraging blockchain technology, Gluwa seeks to optimize the efficiency, security, and transparency of financial transactions, ultimately benefiting users and supporting the broader adoption of digital currencies.

The partnerships between Gluwa and the central banks in Ghana and Nigeria underline the company’s dedication to collaborating with government entities to drive financial innovation and inclusion. Gluwa’s engagement in the development of CBDCs reflects the growing recognition of the potential of digital currencies in transforming financial systems and expanding access to financial services.

By participating in discussions and partnerships with government officials, Gluwa aims to contribute its expertise and technological solutions to address the unique challenges faced by these nations in their pursuit of financial inclusion and the adoption of CBDCs. Through these collaborations, Gluwa aims to empower individuals, particularly those in underserved areas, by providing them with secure and accessible digital financial services.

The progress made by Gluwa in Ghana and Nigeria signifies the company’s commitment to driving positive change in the African financial landscape. As the development of CBDCs continues to gain momentum globally, Gluwa’s efforts in these countries highlight the potential for blockchain technology and digital currencies to play a transformative role in promoting financial inclusivity, economic growth, and technological advancement.

Staying informed about Gluwa’s partnerships, developments, and the evolution of CBDC projects in Ghana and Nigeria can be accomplished by following official announcements from Gluwa, government sources, and reputable news outlets.

By ailf

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