Unbanked. Underbanked. Unseen. Behind each word are billions of real people. People who trade, save, dream, and hustle daily, yet remain invisible in a financial system that should empower them. Left alone and denied opportunities that could transform their lives. billions In Nigeria alone, about 50 million adults lack access to essential financial services. That means no bank accounts, no reliable loans, no insurance, no investment tools, and no understanding of the financial system. These individuals are not just statistics but real people who actively participate in the nation's economy. 50 million adults lack access to essential financial services Across the corners of markets, streets, and rural communities, you’ll find them. The woman at Yaba market who sells fabric but uses her husband’s account for transactions. The fruit seller everyone calls “Mama”, who refuses bank transfers because “bank wahala” is too stressful—and besides, she already relies on ajo. The young mechanic, Emeka, who’d rather stash cash in a worn-out briefcase under his bed than spend hours in a bank queue. These are the faces of financially excluded Nigerians: 36.8% are unbanked, and 14.6% are underbanked. Ironically, they’re the same people (small- and medium-sized business owners, artisans, and farmers) empowering Nigeria’s economy, who together contribute over 50% of GDP. Excluding them keeps their businesses stagnant and also weakens the already crippling economy. Most Nigerians want to expand their businesses; that's the dream for many. According to EFInA, 51% of Nigerian adults want to invest in a business, yet only 5% are willing to take out a loan. The World Bank also reports that just 15% of adults have access to formal credit. This reality reveals a system that has failed to earn the people’s trust. A system that depends on outdated records and rigid processes that end up alienating those it’s meant to serve. Then there’s the digital divide. Despite half the adult population being financially excluded, Nigeria still boasts over 172 million mobile phone users and 158 million internet subscribers. That’s an enormous tool for inclusion, which had been largely untapped until fintech innovations came along. The Fintech Revolution Over the years, companies like OPay, PalmPay, and Moniepoint have transformed how Nigerians interact with money. The unbanked and underbanked have shifted from preferring cash, because it’s tangible and accessible, to embracing digital finance. In less than five years, Nigeria gradually began moving toward a truly cashless economy (something that government policy alone couldn’t achieve in years). Fintechs proved that when technology meets trust, financial systems evolve. But sending and receiving money is one thing; building creditworthiness and long-term inclusion that empowers SMEs is another. So, the question remains: can blockchain technology extend beyond transactions to create genuine inclusion? Does it have the potential to impact millions of unbanked entrepreneurs? Gluwa answers these questions. Inclusion Without Borders Gluwa isn’t just another fintech company. It’s a blockchain-powered initiative reimagining financial inclusion for emerging economies, such as Nigeria. Its bold mission? To build a borderless financial ecosystem that gives the unbanked access to credit and financial identity — regardless of background or whether a bank deems them “worthy”. At the core of this vision is Creditcoin, Gluwa’s blockchain network that records loan transactions on an immutable public ledger. Meaning, anyone can borrow, and anyone can see who borrowed, who repaid, and how reliable they are. This builds a digital credit history for people who never had one. That changes everything. In traditional banking, “no record” or “no collateral” means “no loan”. Gluwa flips that model. Through its decentralized credit network, investors from anywhere in the world can fund real borrowers in Nigeria — securely, transparently, and profitably. Gluwa’s partnership with Aella, for example, makes this goal even more tangible. Aella’s lending infrastructure integrates with Gluwa’s blockchain, providing Nigerian borrowers with digital credit footprints that extend far beyond local systems. This isn’t just innovation but financial evolution. #Gluwa x CBN Then there’s Gluwa’s collaboration with the Central Bank of Nigeria (CBN). The goal of this partnership is to improve the functionality and adoption of CBN’s digital currency, eNaira. When the CBN launched the eNaira in 2021, it was a revolutionary idea that fell short of expectations. Few Nigerians saw its relevance or trusted its value. But Gluwa saw potential. By integrating the eNaira into its Creditcoin network through Credal (its API), Gluwa proposes a system where transactions, loans, and repayments are recorded immutably on-chain, effectively improving transparency and eNaira adoption. Why does this matter for the unbanked small business owner in Nigeria? Now, it means Emeka, who has never qualified for a loan, can access credit directly through Gluwa’s platform, repay in eNaira, and automatically build a credit history recognized globally. The fruit vendor can receive payments through Gluwa’s integrated wallet. Every digital transaction becomes more than just a payment; it also serves as proof of her reliability. Records that open doors to credit, helping her achieve her goals. And this is how inclusion begins: one transaction, one record, one person at a time. The Road Ahead Can Gluwa solve Nigeria’s financial exclusion problem? Arguably, it stands a real chance. However, even the most promising innovations face obstacles, especially in Nigeria. One significant barrier is adoption. As the eNaira case has proven, the successful adoption of technology depends on internet access, regulatory consistency, and public trust. While Gluwa’s blockchain model thrives on transparency, the Nigerian system still struggles with bureaucracy and slow adaptation to change. Although Gluwa’s partnership with Spacecoin aims to extend internet connectivity to rural areas, digital and financial illiteracy remain significant challenges that need to be addressed. Gluwa’s technology can only create inclusion if people understand and trust it. Otherwise, it risks becoming another sophisticated tool for the already “digitally literate”. From a strategic perspective, Gluwa’s next big opportunity isn’t just in innovation. It lies in education, grassroots branding, and positioning. The company must merge innovation with local context to build trust. Just like OPay and Moniepoint won Nigerians’ confidence through visibility, agent networks, and community engagement, Gluwa can do the same. By investing in public education, partnering with cooperatives, and making its technology relatable to everyday Nigerians. If Gluwa succeeds, it could truly democratize access to finance, creating a system where credit is based on trust and opportunity, not privilege. Because the future of financial inclusion isn’t just when people use financial systems: it’s when they believe those systems were built for them. And Gluwa is daring to make that future real.

The is an opinion piece based on the author’s POV and does not necessarily reflect the views of HackerNoon.

This story contains AI-generated text. The author has used AI either for research, to generate outlines, or write the text itself. 

Can Gluwa Solve Nigeria's Financial Inclusion Problem

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

Can Decentralization Save the Internet from Itself?

Why Use a Credit Score if You’ve Got Blockchain?

What If Credit Wasn’t a Privilege, but a Protocol?

Decentralized Credit & Lending on the Blockchain

Trust Engines: How Creditcoin Makes Invisible Credit Histories Verifiable

Can Decentralization Save the Internet from Itself?

Why Use a Credit Score if You’ve Got Blockchain?

What If Credit Wasn’t a Privilege, but a Protocol?

Decentralized Credit & Lending on the Blockchain

Trust Engines: How Creditcoin Makes Invisible Credit Histories Verifiable

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps