Nigerian fintech leader Aella Credit has shed its former name, announcing a strategic rebrand as Aella Microfinance Bank. This move signifies the company’s commitment to expanding its offerings and becoming a one-stop shop for financial services tailored to the needs of the average Nigerian.
Aella, boasting over 2 million users nationwide, has long been known for providing accessible and low-interest loans. The transition to a microfinance bank, however, promises a broader range of financial products and services.
Here’s a breakdown of what Nigerians can expect from the new Aella Microfinance Bank:
- Enhanced Security: Aella emphasizes its adherence to Central Bank of Nigeria (CBN) regulations, ensuring stricter measures to safeguard user funds and combat fraud.
- Expanded Products: Aella MFB goes beyond loans, offering free transfers, zero-maintenance debit cards, high-interest savings plans, and competitive loan rates.
- Focus on Financial Inclusion: The company remains dedicated to making financial services accessible to all Nigerians, aligning with its original mission.
Akin Jones, Chairman of Aella Microfinance Bank, highlights the rebrand’s significance: “This isn’t just a name change; it’s a response to the financial challenges faced by Nigerians. Aella’s acquisition of Flourish MFB allows us to deliver safer, more advanced banking services.”
Aella MFB also expresses its commitment to supporting the government’s proposed student loan scheme. They plan to leverage blockchain technology for microloans, including student loans, and partner with educational institutions to ensure transparency and responsible lending practices.
The company’s official Twitter account reflects the excitement surrounding the rebrand: “The news finally made it out of the ‘hush’ room. Does #ReinventWithAella make sense now? We are now Aella Microfinance Bank! The same Aella but with reinvented capacity to serve you better.”
Aella Microfinance Bank’s evolution marks a significant development in Nigeria’s financial landscape. By offering a wider range of secure and accessible financial products, Aella MFB aims to empower Nigerians and contribute to greater financial inclusion in the country.
