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Nigeria Seeks To Drive CBDC Adoption In New Partnership With Gluwa
The Central Bank of Nigeria (CBN) has signed a memorandum of understanding (MoU) with Gluwa, a blockchain-based lending provider, in an effort to increase adoption of the eNaira.
Under the partnership, Gluwa will become an official partner agent of the CBN, and will begin rolling out eNaira-based products and services via its Credal blockchain.
Gluwa will aim to onboard millions of Nigerians by using Creda solutions to build credit scores for eNaira users.
Once onboarded, the partnership aims to simplify fintech lending by enabling loan origination using the eNaira.
Users and transactions can then be authenticated more efficiently and more transparently, with repayment activity feeding back into credit scores on Credal.
SafePal Launches USDC-Based Visa Card In Switzerland
SafePal, a crypto wallet provider, has partnered with Swiss bank Fiat24 to launch a combined debit and crypto Visa card.
Each card is associated with a Swiss bank account operated by Fiat24 and a crypto wallet operated by SafePal.
The virtual card can be linked to Paypal, Google Pay, Apple Pay and Samsung Pay and other digital wallets, and all cryptocurrencies held in the linked SafePal wallet are converted to USDC for spending.
Users can also convert their USDC into a range of fiat currencies — CHF, EUR, USD,etc. — that can be held in the Fiat24 bank account.
The card will first launch in Switzerland before expanding to the rest of Europe and other regions (excluding the US and US-sanctioned jurisdictions).
Amex Partner Hit By Data Breach In US, Filing Reveals
American Express (Amex) has revealed that a third-party provider has been hit by a data breach, which may have exposed account information of Amex cardholders.
In a letter to customers, Amex said: “We became aware that a third-party service provider engaged by numerous merchants experienced unauthorised access to its system.
“It is important to note that Amex-owned or controlled systems were not compromised by this incident, and we are providing this notice to you as a precautionary measure.”
Amex has not named the hacked company or the number of customers who may be affected, but has advised cardholders to review their accounts for fraudulent charges.
Customers’ names, card numbers and card expiration dates may have been exposed, according to the filing.
NatWest To Kill Off BNPL Option
NatWest has confirmed that it is preparing to axe its buy now, pay later (BNPL) option less than two years after launching it.
The retail banking giant has informed customers that it will begin closing BNPL accounts from May 7 onwards.
The bank launched its BNPL product to much hype in Summer 2022, but has chosen to discontinue the service due to lack of uptake among customers.
This will reduce competition for other UK banks who remain in the BNPL space, such as Barclays.
In June 2022, Barclays launched a service known as Instalment Plan, which splits purchases of £100 to £5,000 into equal monthly repayments with 0 percent interest.
