Aella Credit, a leading provider of credit and financial solutions in Nigeria, recently announced its name change from Aella Credit to Aella Microfinance Bank.
According to the startup, this strategic move is in line with its commitment to innovation and delivering inclusive financial services to the average Nigerian.
Established in 2015 by Akin Jones, the Aella Group is a fintech company that now serves more than 2 million users in Nigeria. Supported by prominent U.S. venture funds including:
- Y Combinator
- 500 Global
- Zeno Ventures, and
- Gluwa Capital
among others, it aims to streamline and broaden access to financial services, contributing to financial inclusion in developing economies.
In 2017, Aella became the first lending company in Africa to be admitted into Y Combinator, and launched the B2C loans under Aella Credit. Besides the mobile app for android and iOS, Aella’s products include Aella Care and Aella wallet. Moreover, in 2021, the company launched debt-as-a-service for micro businesses in Africa and integrated with over 128,000 agents.
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As one of the approved loan apps in Nigeria, Aella is renowned for its provision of accessible and low-interest loans to Nigerians, with the managing director underscoring the company’s commitment to protecting users’ funds. Emphasizing Aella’s strict compliance with regulations established by the Central Bank of Nigeria (CBN), he reiterated the company’s dedication to ensuring financial security for its users.
“The transition to becoming Aella MFB guarantees extra safety for our users’ money. We now have stricter measures in place to control fraudulent activities. We are very particular about earning the trust of our users and keeping their money safe is the only way we can do that,” Oluwaseun affirmed.
“This transition to Aella MFB is proof of our dedication to innovation and constant reinvention. And this is more than just a name change. Our users will now have access to better banking experiences,” he added.
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The microfinance bank also promises to include:
- Free transfers
- No maintenance fees on debit cards
- High-interest or hybrid savings plans, and
- Loans with competitive low-interest rates
In 2020, Aella raised $10 million in order to expand across Africa and South East Asia and build its blockchain-based lending market, CreditCoin.
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In 2020, Akin Jones, CEO, Aella Credit, said:
“We are building a one-stop app for all transactions partnered with regulated industry leaders to help distribute products faster, better and cheaper to end-users in Nigeria and across the markets we plan to launch.
This app will allow users to access multiple financial services at low costs compared to what is currently available in the market.”
In 202, Aella Credit had over 300,000 borrowers across its employer-backed and direct-to-consumer verticals.
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