Aella, a leading provider of credit and financial solutions in Nigeria, proudly announces a significant milestone with its official name change from Aella Credit to Aella Microfinance Bank. This strategic decision underscores Aella’s unwavering commitment to innovation and the delivery of inclusive financial services to the average Nigerian.
Established in 2015 by Akin Jones, the Aella Group has rapidly grown to become a fintech powerhouse with over 2 million users in Nigeria. Backed by renowned US venture funds including Y Combinator, 500 Global, Zeno Ventures, and Gluwa Capital, Aella was founded with the mission to simplify and democratize financial services, particularly to foster financial inclusion in emerging markets.
Sosthenes Oluwaseun, managing director of Aella Microfinance Bank, expressed enthusiasm about the rebranding, emphasizing its significance in today’s economic climate. “This transition to Aella MFB exemplifies our dedication to innovation and continuous reinvention. It goes beyond a mere name change; our users will now enjoy enhanced banking experiences.”
Renowned for empowering Nigerians with accessible and low-interest loans, Oluwaseun reiterated the company’s commitment to safeguarding users’ funds and adherence to regulations set by the Central Bank of Nigeria (CBN). “The shift to Aella MFB ensures added security for our users’ money, with stricter measures to combat fraudulent activities. Earning our users’ trust and securing their funds are paramount to us,” affirmed Oluwaseun.
Aella MFB pledges to simplify financial management for Nigerians, offering free transfers, zero maintenance fees on debit cards, high interest/hybrid savings plans, and competitive loan rates. Akin Jones, chairman of Aella Microfinance Bank, emphasized that the decision was driven by the financial challenges faced by average Nigerians. “This name change is a deliberate response to the financial struggles of Nigerians. Through Aella’s acquisition of Flourish MFB, we aim to provide safer and more advanced banking services,” added Jones.
The rebranding reflects Aella MFB’s commitment to upholding Aella Credit’s core vision and objectives while expanding its scope to address more pressing financial challenges facing Nigerians. In alignment with the government’s proposed student loan scheme, Aella MFB advocates for private sector involvement in facilitating student loan disbursement.
Aella MFB is at the forefront of integrating ledger technology into microloans, including student loans, and is committed to facilitating micro-loans for short courses while ensuring transparency in fund allocation through partnerships with educational institutions and automated compliance.
Aella’s name change signifies more than just a rebranding effort—it signifies a promise of better financial services and increased financial inclusion for all its users. As Aella Microfinance Bank, the company looks ahead to continued growth and innovation in the Nigerian financial landscape.
