Aella, one of Nigeria’s biggest lenders and credit providers, is happy to say that it has changed its name from Aella Credit to Aella Microfinance Bank. This business move fits with Aella’s goal of coming up with new ideas and giving all Nigerians access to banking services.
To begin with, Akin Jones started the Aella Group in 2015. Over 2 million people in Nigeria use fintech right now, and it’s backed by US venture capital firms like Y Combinator, 500 Global, Zeno Ventures, Gluwa Capital, and more. The company was created to make financial services more straightforward to use and more accessible to help people in developing markets get access to money.
Sosthenes Oluwaseun, managing director of Aella Microfinance Bank, was excited about the renaming and emphasised how important it is, especially given the current state of the economy.
“Our move to Aella MFB shows we are committed to new ideas and constant improvement.” And the name isn’t just changing. The banking experiences of our users will now be better.
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Aella provides affordable loans to Nigerians.
Nigerians commonly get loans with low-interest rates. The managing director emphasised that the business was committed to protecting users’ funds by pointing out that Aella followed the rules of the Central Bank of Nigeria (CBN).
“Changing to Aella MFB will make our users’ money safer.” Better controls are now in place to stop scams. “We care a lot about earning our users’ trust, and the only way to do that is to keep their money safe,” Oluwaseun guaranteed.
Additionally, Aella MFB promises to make it easier for Nigerians to handle their money by providing free transfers, no maintenance fees on debit cards, high-interest/hybrid savings plans, and low interest rates on loans.
Akin Jones, the chairman of Aella Microfinance Bank, also said that the company chose it because the average Nigerian has difficulty with money.
“Changing the name wasn’t an accident; it’s a response to some Nigerians’ money problems.” We can offer our customers better and more advanced banking services now that Aella has bought Flourish MFB, Jones said.
Rebranding as Aella Microfinance Bank
By changing its name, Aella MFB shows its dedication to upholding Aella Credit’s core values and goals while also going beyond its original goals to tackle more critical financial problems Nigerians are having.
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Aella MFB thinks that the private sector should spearhead helping the government make it easier for student loans to be disbursed to support the government’s planned student loan scheme.
Aella MFB was one of the first finance companies to use ledger technology in micro-loans, which includes student loans. Furthermore, they have promised to make micro-loans for short classes easier and ensure that funds are distributed fairly by working with educational institutions and using automated compliance.
By changing its name, Aella is doing more than just rebranding. It also offers all its users better financial services and more access to money. As Aella Microfinance Bank, the business looks forward to bringing new ideas and growth to the Nigerian banking industry.
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