Aella Now Aella Microfinance Bank, Pledges Enhanced Financial Solutions

Aella has announced its official name change from Aella Credit to Aella Microfinance Bank.

In a statement, it noted that the strategic move is in line with Aella’s commitment to innovation and delivering inclusive financial services to the average Nigerian.

The Aella Group was founded by Akin Jones, started in 2015.

The fintech which currently boasts of over 2 million users in Nigeria, is backed by US venture funds such as Y Combinator, 500 Global, Zeno Ventures, and Gluwa Capital among others.

In remarks, Managing Director of Aella Microfinance Bank, Sosthenes Oluwaseun, expressed excitement about the rebranding stating why it is such an important decision, especially in today’s economic climate.

According to Oluwaseun, “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.

He said, “Widely known for empowering Nigerians with accessible and low-interest loans, the managing director emphasized the company’s dedication to safeguarding users’ funds, highlighting Aella’s adherence to regulations set by the Central Bank of Nigeria (CBN).

“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.”

The chairman of Aella Microfinance Bank, Akin Jones, also revealed that the corporate decision was made in response to the financial struggles of the average Nigerian.

“This name change is not a random decision, it is a response to some of the financial challenges Nigerians face. Aella’s acquisition of Flourish MFB has enabled us to provide safer and more advanced banking services to our users,” Jones added.