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Aella, a leading provider of credit and financial services in Nigeria, has announced its transformation into Aella Microfinance Bank, formerly known as Aella Credit. This strategic evolution underscores Aella’s commitment to innovation and its mission to deliver inclusive financial solutions to all Nigerians.
Founded in 2015 by Akin Jones, Aella Group boasts a user base exceeding 2 million in Nigeria. Supported by prominent US venture funds such as Y Combinator, 500 Global, Zeno Ventures, and Gluwa Capital, the fintech aims to streamline financial services and promote financial inclusion in emerging markets.
Sosthenes Oluwaseun, Managing Director of Aella Microfinance Bank, expressed enthusiasm about the rebranding, highlighting its significance in today’s economic climate.
“This transition to Aella MFB demonstrates our dedication to innovation and continual reinvention. It goes beyond a mere name change; our users will now enjoy enhanced banking experiences,” said Oluwaseun.
Renowned for empowering Nigerians with accessible and low-interest loans, Oluwaseun emphasized the company’s commitment to safeguarding users’ funds, stressing Aella’s adherence to regulations set by the Central Bank of Nigeria (CBN).
“The transition to Aella MFB ensures additional security for our users’ funds. We have implemented stricter measures to combat fraudulent activities. Earning the trust of our users is paramount, and safeguarding their funds is crucial to achieving that goal,” he added.
Akin Jones, Chairman of Aella Microfinance Bank, revealed that the corporate decision was driven by the financial challenges faced by the average Nigerian.
“This name change is a deliberate response to the financial hurdles encountered by Nigerians. Aella’s acquisition of Flourish MFB has enabled us to provide safer and more advanced banking services to our users,” Jones elaborated.
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