I want you to take a moment to imagine not having a bank account, credit card, or access to loans. How would you save money, invest, or handle financial emergencies? A World Bank report from 2022 says about 1.4 billion people worldwide are unbanked. The report approximates that 71% of unbanked adults live in rural areas, which often lack adequate banking infrastructure, and it also highlights that a significant barrier to financial inclusion is the absence of formal identification. In Sub-Saharan Africa alone, over 100 million unbanked adults lack IDs, and globally, around 30% of unbanked individuals cite insufficient documentation as a major obstacle to accessing financial services.
Financial inclusion means making financial services available and affordable for everyone, no matter their income or where they live. Besides helping individuals, inclusive finance supports economic stability, reduces poverty, and promotes social mobility.
Even though there are clear benefits, traditional banks often ignore marginalized groups. High account fees, strict credit requirements, limited outreach, and no credit history keep many people stuck in poverty.
The Gluwa Mission
Mission Statement
Gluwa's mission is to make financial services available to everyone by using new blockchain technology. They aim to connect traditional financial systems with underserved communities around the world. As a decentralized financial platform, Gluwa links global funds to investment opportunities in emerging markets, giving users the tools and resources they need to succeed, no matter their background, nationality, income level, or gender.
The company does this by combining blockchain technology with traditional financial services to create a global financial system that is open to everyone. By keeping track of users' payment histories, like utility bill payments, on a public blockchain, Gluwa helps people without traditional banking access build credit profiles that can be verified. This system works with a stablecoin-based financial network linked to regular currency, making it easier for people in underserved areas to do financial transactions and promoting financial inclusion.
Gluwa shows its dedication to financial inclusion through partnerships with different organizations, including an agreement with the Central Bank of Nigeria to boost the use of Nigeria’s central bank digital currency (CBDC), the eNaira. This partnership aims to make fintech lending easier and verify transactions, improving financial access for millions.
With these efforts, Gluwa aims to create a fairer global economy by offering open and clear financial systems that help underserved communities.
Addressing the Challenges
How does Gluwa tackle these big challenges? By using blockchain technology, Gluwa gets rid of traditional obstacles like high transaction fees, strict credit checks, and limited geographic access. In simple terms, Gluwa isn't just following different rules—it's changing the game completely.
Gluwa tackles financial exclusion with several key strategies:
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Lowering Transaction Costs: Traditional financial systems have high fees that make it hard for low-income people to use services. Gluwa uses blockchain for direct, peer-to-peer transactions, cutting out middlemen and reducing costs, making services cheaper for underserved communities.
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Making Credit Easier to Get: Strict requirements and lack of credit history often block access to credit. Gluwa's Creditcoin blockchain records loan transactions, helping people build verifiable credit histories, which improves their credibility and access to loans.
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Extending Geographic Access: Gluwa's platform bypasses limited banking infrastructure by providing digital financial services through mobile devices, enabling people in remote areas to access financial systems without needing physical banks.
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Building Strategic Partnerships: Gluwa works with governments and financial institutions, such as teaming up with Nigeria's Central Bank to connect blockchain with the eNaira, improving financial access and transaction verification.
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Using Scalable Technology: Gluwa uses Microsoft Azure for dependable and scalable cloud solutions, ensuring efficient blockchain services worldwide.
With these focused efforts, Gluwa breaks down traditional barriers to financial inclusion, giving underserved communities the tools and opportunities they need for economic growth.
How Gluwa Works.
Blockchain isn't just about cryptocurrency; it's a decentralized system that makes transactions secure, clear, and unchangeable. For financial inclusion, this means people without traditional credit histories can create financial identities safely and openly. Blockchain changes trust from something only institutions have to something everyone can access. It also cuts out the need for traditional middlemen like banks and credit bureaus, lowering transaction costs and allowing direct, person-to-person financial interactions. This opens up financial activities to underserved communities, especially in remote areas, who couldn't participate before due to distance or high costs. Additionally, blockchain lets users build verifiable credit histories by clearly recording payment activities, greatly improving their credibility and access to financial opportunities.
Gluwa’s platform uses a decentralized blockchain network, allowing users to send, receive, and safely store money worldwide without the usual obstacles from traditional banks. With tools like Creditcoin, users can create clear and verifiable credit histories, boosting their financial credibility. Gluwa also partners with local organizations, NGOs, government agencies, and innovative fintech providers to expand its infrastructure. These partnerships make sure the system is strong, easy to access, and able to reach even the most remote and underserved areas, promoting smooth financial inclusion everywhere.
Gluwa's Broader Impact
Gluwa's projects are set to greatly improve financial access in areas with limited banking services, especially in parts of Africa, Southeast Asia, and Latin America. For example, in March 2024, Gluwa teamed up with the Central Bank of Nigeria (CBN) to promote the use of the eNaira, Nigeria's digital currency. This partnership uses blockchain technology to improve financial access and encourage innovation in the area.
Additionally, Gluwa is looking into partnerships in other African countries, like Liberia, to create digital currencies and satellite internet services, showing its dedication to advancing digital financial services across the continent.
By adding blockchain solutions to current financial systems, Gluwa encourages traditional banks to rethink and possibly improve how they offer services. Partnerships like the one with the CBN show how blockchain can support and enhance regular banking systems, which could lead to more inclusive financial services.
Beyond finance, Gluwa's principles—transparency, accessibility, and decentralization—can also be used in areas like education and healthcare. For instance, blockchain can securely share educational records worldwide or provide decentralized healthcare funding, spreading the benefits of financial inclusion to other important parts of society.
Conclusion
Financial inclusion is a must, not a choice. Gluwa is an important step in helping underserved communities get access to financial services. As decentralized financial services improve, they could change not just finance but many parts of our lives.
The real question isn't if financial inclusion is needed—it definitely is—but if we're ready to accept solutions like Gluwa, which can open doors that traditional finance has kept shut.
