Aella, an African mobile banking platform, has teamed up with Creditcoin Network to incorporate its transactions into Creditcoin’s public blockchain in order to create a transparent credit history.
All credit transactions related to Aella will be documented on the Creditcoin blockchain, making them simple to audit and viewable through their block explorer, according to a statement issued by Creditcoin. The terms of the loan as well as payments and repayments will all be included in the recorded transactions.
According to Creditcoin, the agreement coincides with the launch of Creditcoin 2.0, an update that makes the network more dependable and simpler to integrate.
The move, according to Aella CEO Akin Jones, enables investors to track the company’s performance in real-time by looking at the blockchain. This could potentially result in further capital raises and help more Africans gain access to finance. Jones cited the following:
“For us, and millions of users across Africa, that means more and cheaper access to vital sources of credit.”
The creator of Creditcoin, Tae Oh, expressed pleasure in the release of version 2.0 and the collaboration with Aella. Oh claims that the latest development represents a stride in the project’s direction of providing the unbanked with a “fairer shot.”
According to a report from April, the absence of adequate financial infrastructure in the area has increased cryptocurrency ownership in Nigeria. The research, which was released by the cryptocurrency exchange KuCoin, revealed that many Nigerians have started using cryptocurrency as a substitute for traditional asset transfers.
According to The African Blockchain Report 2021, venture funding for companies in the African region has increased by 11x in 2022. According to the report, a blockchain unicorn might shock the area in two to three years as a result.
