Aella Microfinance Bank, formerly known as Aella Credit, is a key player in the credit and financial solutions sector in Nigeria. The name change reflects the company’s commitment to innovation and its goal of providing inclusive financial services to all Nigerians.
Inaugurated in 2015 by Akin Jones, the Aella Group has grown to over 2 million users in Nigeria and has garnered support from prominent US venture funds like Y Combinator, 500 Global, Zeno Ventures, and Gluwa Capital. The company’s mission is to simplify financial services and promote financial inclusion in emerging markets.
Managing Director SosthenesOluwaseun expressed enthusiasm about the rebranding, emphasizing its significance in the current economic climate.
“The transition to Aella MFB demonstrates our commitment to constant innovation. This goes beyond just a name change – it means our users will now enjoy improved banking services.”
Renowned for providing accessible low-interest loans to empower Nigerians, the managing director highlighted Aella MFB’s focus on safeguarding users’ funds and adherence to regulatory standards set by the Central Bank of Nigeria (CBN).
“Becoming Aella MFB ensures enhanced security for our users’ funds. We have implemented stricter measures to combat fraud. Earning our users’ trust by protecting their money is paramount,” affirmed Oluwaseun.
Aella MFB is committed to simplifying financial management for Nigerians by offering free transfers, zero debit card maintenance fees, high-yield savings plans, and competitive loan interest rates.
Chairman Akin Jones stated that the decision to rebrand was driven by the financial challenges faced by ordinary Nigerians.
“This name change is a proactive response to the financial difficulties Nigerians encounter. Through the acquisition of Flourish MFB, Aella can now provide more secure and advanced banking services,” added Jones.
The rebranding underscores Aella MFB’s commitment to upholding Aella Credit’s core vision while expanding its scope to address broader financial challenges faced by Nigerians.
In support of the government’s proposed student loan initiative, Aella MFB believes the private sector should play a crucial role in facilitating student loan disbursements.
Aella MFB is at the forefront of incorporating ledger technology into microloans, including student loans. The company is dedicated to providing micro-loans for short courses and ensuring transparent fund allocation through partnerships with educational institutions and automated compliance.
Aella’s name change signifies a commitment to offering improved financial services and greater financial inclusion for its users. As Aella Microfinance Bank, the company looks forward to continued growth and innovation in the Nigerian financial sector.