AELLA HAS PARTNERSHIPS WITH CREDITCOIN NETWORK FOR TRANSPARENT TRANSACTIONS
African mobile banking platform Aella has partnered with Creditcoin Network to make its credit history more transparent by integrating all its transactions into CreditP's public blockchain.
In a statement sent to Cointelegraph, Creditcoin stated that all Aella loans would be recorded on the Creditcoin blockchain, making it easier to check and obtain views through their blockchain tester. Recorded activities will include loan terms and fees and charges.
Creditcoin said the partnership comes with the release of Creditcoin 2.0, an upgrade that makes the network stable and easy to integrate with.
Aella CEO Akin Jones stressed that the move allows investors to monitor the performance of their business in real time by looking at the blockchain. This could ultimately lead to increased financial incomes and contribute to giving more Africans access to credit. Jones explained:
"For us, and for the millions of users across Africa, that means more and cheaper access to essential debt resources."
Tae Oh, founder of Creditcoin, expressed his delight at the launch of 2.0 and the collaboration with Aella. According to Oh, the new development is a step towards the project's goal of giving unregistered "a good shot."
In April, a report showed that crypto ownership in Nigeria has improved due to a lack of proper financial infrastructure in the region. The report, published by crypto exchange KuCoin, noted that many Nigerians have begun to use crypto as a means of transferring assets.
Meanwhile, funding for start-up funding within the African region has increased by 11x by 2022, according to the African Blockchain Report 2021. As a result, the report predicts that the blockchain unicorn may surprise the region in two to three years.