Gluwa DeFi Selected for Inclusive Fintech 50: Details

Gluwa, an integral decentralized finance protocol, is chosen among the best solutions for emerging economies and unbanked societies.

Creditcoin's Gluwa listed in Inclusive Fintech 50

According to a statement shared by the Gluwa team on its social media channels and blogs, its product is included in Inclusive Fintech 50 as a winner of the 2021 round.

Gluwa is incredibly proud to have been selected as a winner of the 2021 Inclusive Fintech 50.?️

We look forward to working with the IF50 on our mission to create a fairer global economy for everyone. ?

Read our full announcement below. ?https://t.co/87HfhAF83I

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— Gluwa (@gluwa) October 27, 2021

This year, the organizers of the event had to choose between 400 eligible applicants. The applicants in this competition are early-stage startups that address financial inclusion use cases.

The winners proposed blockchain-based solutions that can help unbanked populations to access basic financial services without bank accounts and identification procedures.

Tae-Lim Oh, co-founder and CEO of Gluwa, stressed the importance of this recognition for Gluwa's adoption and progress:

We are honored to have been selected for the Inclusive Fintech 50 competition.Our project aims to leverage fintech and crypto to create basic financial services for those who have been unserved until now. Our vision is fully aligned with the spirit of Inclusive Fintech 50, which is why this is going to be a great opportunity for us to create a network with investors or start-ups who want to make the vision a reality.

IF50 is backed by fintech heavyweights and large non-profits, including Visa, MetLife Foundation, Accion, IFC and Jersey Overseas Aid & Comic Relief. The initiative is curated by the Center for Financial Inclusion (CFI).

Bringing DeFi solutions to unbanked

Gluwa is a pioneering decentralized finance protocol on Creditcoin, a novel permissionless distributed platform. Its ecosystem includes a noncustodial wallet and decentralized lending module.

As covered by U.Today previously, Gluwa processed more than one million transactions in its first few days after integration with African credit application Aella.

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Its lending/borrowing toolkit allows users to earn up to 12% in APY on idle cryptocurrency.