What’s the story behind a story?
The etymology of the word “gluwa” is fascinating on its own. There’s a whole philosophy behind a single word:
Gluwa is named after ‘Glory’, the ironclad ship that sailed the sea for the first time in the world . It symbolizes a paradigm shift . It suggests that Gluwa’s goal is to create the world’s first borderless financial platform .
I was like, that’s interesting.
“The French navy was quick to realize that change was inevitable and they began to experiment with different ways to armor their vessels. The construction of the French ship Glorie began in April 1858 and she would feature a groundbreaking design. Her wooden hull would be encased in iron plate and she also was to have steam propulsion by means of an internal steam engine system. The Glorie was designed to be a broadside ironclad, with her guns arrayed in long side batteries, much as they had been on wooden ships for the previous 500 years. She was, however, not to be called a ship-of-the-line; rather she was an armored frigate, the term “ironclad” did not yet having any meaning.”
The same analogy can be applied to the blockchain technology. The very first, if any meaning at all, to come to a regular not-so-obsessed-with-tech Joe’s mind is where-the-crypto-grows. So, I was like, save me from this pain, show me what you can really do, my dear blockchain. Something practical and impactful.
I have to say, when it comes to finances, ignorance ain’t bliss. It’s cruel and unfair.
What about the “financially underserved countries such as Nigeria, Vietnam, Myanmar, the Philippines, and Indonesia?” That’s like a lot of people.
“Traditional banking systems left more than half of the world’s population unbanked, according to the World Bank, making it difficult for many people to access credit from mainstream lenders. To serve financially underserved countries, Gluwa uses its blockchain network, Creditcoin. The system records users’ payment histories — such as utility bill payments — on a public blockchain, creating verifiable credit profiles. This infrastructure is integrated with a stablecoin-based financial network tied to fiat currency, making financial transactions more accessible. The system not only helps individuals without traditional banking access build credit profiles but also enables Western fintech lending companies to expand over borders. “The U.S. financial system still relies heavily on paper-based processes, with digital systems merely replicating paper-based methods. Countries without such legacy infrastructure have the unique advantage of adopting today’s best technologies from scratch,” Oh said.”
Now, it’s starting to make sense, for real.
“A financial infrastructure development project using Creditcoin has benefited around 2 million Nigerians, significantly expanding financial access, according to the firm. Previously, only 200,000 people — just 0.1 percent of Nigeria’s population — had access to financial services.”
I guess this means that only 0.1 percent of the “other” world’s population, which is unbanked, financially underserved, and “less fortunate,” has access to financial services we take for granted. It’s no wonder “Gluwa signed a memorandum of understanding with the Central Bank of Nigeria” as an MVP of this country’s financial future.
We Live in a Material World, Or So I’m Told
Here’s a nice thing, I dare to say a positive “collateral damage,” standing in your way of fixing financial troubles. You start by dealing with one problem, but in order to make it, you end up with a list.
“While working to provide financial services to underbanked markets, Oh realized that many potential users also lacked internet connectivity. “To truly serve these communities, we first needed to address their connectivity gap,” Oh explained.”
So, who are you gonna call when you have connectivity gap problems? Well, there’s one guy I can think of.
You get the idea of how this problem is going to be solved. At the same time, I’m not saying that financial inclusion is all about sunshine and rainbows. So, read this without any illusion.
“Unlike many popular DeFi protocols, Gluwa’s RWA investments involve unsecured lending. This means that there are counterparty risks, with investors potentially losing their funds in the case of borrower default. Nevertheless, to-date, there have been 0 defaults on Gluwa’s RWA investment platform, with legal protections in place to protect investors and recover funds in cases of default.”
There’s also this: “Due to a heavy focus on deal-screening and risk management, only a limited number of Investment Opportunities (7) have been made available on the platform since launch. However, lower-yield, flexible withdrawal products are more consistently available.”
And, this: “Investment Deals are sourced and assessed by a professional but centralized counterparty — the Gluwa Fund LP. This creates a risk of human oversight or error. However, this risk is present in almost every RWA investment platform today.”
The Future of Financial Inclusion is Bright – Gluwa is Worth the Fight
“Traditional financial services operate within the oversight of a local or regional jurisdiction. That limits what lenders can do—and where they can do it. With a decentralized, permissionless blockchain network, there is no single entity that has full control of the network, removing those limitations. Gluwa is putting that freedom to good use, connecting everyday investors with capital opportunities in emerging markets and needed a technology foundation to support it all. The company leverages Microsoft Azure to power its blockchain-related services. There are two distinct sets of services offered on Azure, each designed to meet specific requirements: Gluwa and Creditcoin. The eponymously named Gluwa decentralized financial platform connects investors with financial institutions that lend to people who don’t have access to traditional funding options. Because financial institutions record loans on the Creditcoin network, investors are better informed and can gain valuable insights due to the natural transparency and immutability of the blockchain-based credit bureau.”
So far, I’ve seen that where Gluwa’s financial door there’s the World Wide Web window. I wonder if there’s more?
Here’s the thing about money and financial inclusion. As soon as you get these resolved, you start thinking about better healthcare and education.
“While in Jigawa, Senator Shettima had earlier launched the 4th edition of the Expanded National Micro, Small and Medium Enterprises (MSMEs) Clinic, disclosing that President Bola Ahmed Tinubu has ordered that a grant of N150,000 should be given to each of the business owners in the state as the federal government’s support to MSMEs across the country. He noted that the N150,000 grant is an outright grant that does not require beneficiaries to repay. Meanwhile, the AI Expertise Blockchain and Technology Training and Outsourcing Initiative, a partnership with tech company Gluwa, aims to train 1,000 Nigerians annually in artificial intelligence, blockchain, and other cutting-edge technologies.”
Health is wealth, and blockchain technology seems to check all the right healthcare boxes in Nigeria:
- secure and efficient data management by providing a secure and decentralized platform for storing and sharing patient data
- revolutionize clinical trials by providing a more transparent and secure system for tracking patient data
- ensuring compliance with the healthcare regulatory requirements
- creating a secure and transparent system for tracking the movement of drugs throughout the supply chain
- Telemedicine data, such as video consultations and electronic prescriptions, can be safely stored and shared via blockchain
- ensuring patient access to care
- improve health insurance by providing a secure and transparent platform for managing claims
- reduce costs and enhance patient privacy
Let’s see what blockchain can do about it.
“Agriculture being one of the backbones of the Nigerian economy, with 35% of the population in its employ, must be modernised for the government and the organised private sector to realise its full potential and attendant benefits. “According to the five-year Lagos State Agricultural and Food Systems road map, where the sector is projected to generate upwards of $10 billion by the year 2025, it will be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology”, he explained. At a recent visit of the Gluwa team to His Majesty, Oba Gbolahan Lawal, the Oniru of Iruland and former Commissioner of Agriculture in Lagos State, the team detailed their plans to build a gateway for local farmers to access the international markets via borderless financial services ranging from decentralised finance loans to selling on global commodity futures markets.”
I’m no financial expert, and especially not a crypto one, but I feel good and confident about the following statement: new money won’t be made in the old world because you can’t develop what’s already been developed, but by including and developing the struggling and unbanked countries. That’s about more than one-half of our brave new world today, and that ain’t right. So, blockchain has to…
