My Opening Question:

How would you feel if suddenly your once uptight, principled, white-collar boss suddenly starts showing to work with a jump hoodie, a pair of Air Jordan’s, and a tote bag that says “Mind your f#ck!ng business”?
That’s the same vibe you get when the buttoned-up world of central banks secretly starts flirting with the rebellious world of blockchain.

For those who know, Nigeria’s Central Bank (CBN) and in fact, Nigeria is general, has had its rough patches with crypto over the years - from blaming Bitcoin for its currency devaluation, to totally banning Binance services within Nigerian boarders. And in 2021, it basically (and literally) slammed the door shut on banks offering services to crypto exchanges. The official reason: Protect the financial system. The unofficial translation: “This whole Bitcoin thing is stressing out the economy.”

But here’s the twist. Despite the ban, Nigeria skyrocketed to the top of the world charts in peer-to-peer crypto adoption. People weren’t just only buying crypto, they were living on it. Farmers, freelancers, small shop owners, name it. They all found ways to bypass the banking system with a few smart clicks on their phones (you can always trust Nigerians and their mamba-survival mentality).

Meanwhile, behind the scenes, the CBN saw the bag and they didn’t want to miss it; so what did they do? They decided to launch their own Central Bank Digital Currency (CBDC) - the eNaira. The launch was flashy, but the uptake? Well, let’s just say Nigerians weren’t exactly sprinting to check it out (obviously). Adoption stalled, trust lagged, and critics began calling it a “CBDC without a cause.”

Enter Gluwa: the unexpected guest star in this fintech drama.

Central Banks and Crypto: A Love/Hate Story

Think of central banks and blockchain like oil and water.

Or more accurately, like that baby-bloomer uncle who insists “hip-hop isn’t real music” — until he suddenly starts nodding along at a family party.

The CBN’s ban on crypto banking in 2021 sent shockwaves across Africa’s fintech. Yet at the same time, Nigeria remained one of the fastest-growing crypto markets in the world. According to Chainalysis, Nigeria consistently ranks in the global top tier for P2P crypto adoption.

While the official banking system was frowning, the streets were busy vibing.

The irony of it all? The eNaira was supposed to be the government’s cool response to crypto fever. But its rollout was clunky, adoption rates remained embarrassingly low, and the people just didn’t see the point of a CBDC that wasn’t technically solving real financial problems.

And this is exactly where Gluwa enters the picture - with a mission and a mapped-out plan for execution.

Gluwa’s Grand Entrance

But first,

Who The H3ll is Gluwa in the First Place?

(According to them): Gluwa is an RWA(Real World Asset) platform that connects capital from developed markets to emerging market lending opportunities using blockchain technology.

Yeah yeah…

But, what exactly was Gluwa bringing to the table?

One word - Credal.

Credal is Gluwa’s blockchain-based credit scoring system, and here’s the genius part; it doesn’t rely on the traditional “Do you have a fat bank account?” metric. Instead, it leverages blockchain data to measure your trustworthiness.

Imagine applying for a loan and instead of a banker peeking at your 3-year-old payslip, the system looks at your actual financial behavior on-chain. Bought farm supplies and paid them off? Good. Completed microloans without defaulting? Even better. Credal logs it all, transparent, tamper-proof, and above all, stress-proof.

For Nigeria, where over 38 million adults are unbanked, this isn’t just innovation, it’s a lifeline.

Suddenly, farmers, traders, and freelancers can prove their creditworthiness without having to kiss the ring of traditional banks and bankers.

And here’s where the eNaira fits in. By tying Credal to the eNaira, loans, credit histories, and repayments can happen seamlessly inside Nigeria’s official digital currency ecosystem. It’s like strapping a rocket booster to the eNaira’s back.

Gluwa and CBN’s MoU Moment

In March 2024, something quietly monumental happened: the Central Bank of Nigeria and Gluwa signed a Memorandum of Understanding (MoU).

Yes, you read that right. The same central bank that once banned crypto services basically said: “Ok blockchain, let’s talk.”

What does this MoU actually mean?

In other words: the eNaira just went from “that app no one uses” to “a possible backbone for a new wave of digital finance.”

And the symbolism? Massive. It’s like your strict math teacher showing up at Comic-Con dressed as Spider-Man. If Nigeria’s central bank can partner with a blockchain startup, the global conversation on CBDCs just changed.

Why This Matters for Nigerians (and Beyond)

Here are some pretty solid reasons why this MoU could actually be in out favor

For everyday Nigerians:

For fintechs and startups:

For Nigeria’s economy:

But yeah, although I recognize this as a pretty big milestone for Nigeria (in general), there’re still some sketchy details that one would (and should) dare to question.

Like;

It’s a delicate dance. And we’re all tuning to something we’ve never seen before.

The Bigger Picture: Open Finance Goes Mainstream

Zooming out, Gluwa’s partnership with the CBN isn’t just about Nigeria. It’s about rewriting the playbook for how central banks and blockchain can coexist.

Globally, central banks are experimenting with CBDCs — from China’s digital yuan to Europe’s ongoing digital euro discussions. But few have openly partnered with blockchain startups. Nigeria’s MoU with Gluwa could be a proof-of-concept for the world.

Gluwa’s bigger mission is borderless finance — lending and transactions that aren’t bound by passports or banks. If Nigeria can show that blockchain-powered credit scoring + CBDCs = financial inclusion, the model could spread across Africa and beyond.

This isn’t just about fintech. It’s about creating an independent internet of finance.

Conclusion: The Day the Central Bank Said Yes

So here we are. The same Central Bank of Nigeria that once tried to slam the door on crypto is now holding it open — just wide enough for Gluwa to step in with blockchain’s cool factor.

The eNaira, once seen as a digital dud, suddenly has a chance at redemption. Credal could transform it from a government-issued curiosity into a tool that genuinely serves millions.

The bigger story? Central banks and blockchain don’t have to be enemies. They can be awkward dance partners — and sometimes, even a good match.

So, what do you think?

Is Gluwa + CBN the beginning of a beautiful fintech friendship? Will this eventually catch-on and lead to something life-changing, or is it just another fruitless venture?

Drop your hottest takes below let’s discuss — because if central banks are partying with blockchain right now, the afterparty might just be in our wallets.

Till my next ecstatic post, I remain…

Mojo Monkey🐵