Started in 2015, the Aella Group was founded by Akin Jones. 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. The company was founded to simplify and open up financial services to support financial inclusion in emerging markets.
SosthenesOluwaseun, managing director of Aella Microfinance Bank, expressed excitement about the rebranding, stressing why it is such 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.”
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,” Oluwaseun affirmed.
Aella MFB also pledges to make financial management easier for Nigerians, offering free transfers, zero maintenance fees on debit cards, high-interest/hybrid savings plans, and low-interest rates on loans.
The chairman of Aella Microfinance Bank, Akin Jones, also added 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.
The renaming reflects Aella MFB’s commitment to upholding Aella Credit’s fundamental vision and objectives while expanding beyond the old scope to address more pressing financial challenges facing Nigerians.
To support the government’s proposed student loan scheme, Aella MFB believes that the private sector should take a lead role in supporting the government in the facilitation of student loan disbursement.
Aella MFB is pioneering the integration of ledger technology into microloans including student loans. They’ve also expressed their commitment to facilitating micro-loans for short courses and ensuring transparency in fund allocation through partnerships with educational institutions and automated compliance.
Aella’s name change represents more than just a rebranding effort—it promises better financial services and more financial inclusion for all its users. As Aella Microfinance Bank, the company looks forward to continued growth and innovation in the Nigerian financial landscape.
