Nigeria’s Aella, a leading provider of credit and financial solutions, has announced its official name change to Aella Microfinance Bank, a strategic move it says is in line with its commitment to innovation and delivering inclusive financial services to the average Nigerian.
Started in 2015 by Akin Jones, Aella was founded to simplify and open up financial services to support financial inclusion in emerging markets, and began life underwriting loans with a proprietary algorithm.
The startup, which currently boasts of over two million users in Nigeria, is backed by US venture funds such as Y Combinator, 500 Global, Zeno Ventures, and Gluwa Capital among others. Sosthenes Oluwaseun, managing director of Aella Microfinance Bank, said the rebranding was an important decision, especially in today’s economic climate.
“This transition to Aella MFB is proof of our dedication to innovation and constant reinvention. And this is more than just a name change. Our users will now have access to better banking experiences,” Oluwaseun said.
“The transition to becoming Aella MFB guarantees extra safety for our users’ money. We now have stricter measures in place to control fraudulent activities. We are very particular about earning the trust of our users and keeping their money safe is the only way we can do that.”
