The African Mobile Banking Platform Aella has partnered with the Creditcoin network to make credit histories transparent by integrating all of your transactions on the public Creditcoin blockchain.
In an announcement sent to Cointelegraph, Creditcoin said that all of Aella’s credit transactions will be recorded on the Creditcoin blockchain, which will make auditing easy and available for viewing through your block explorer. Recorded transactions will include loan terms as well as payments and repayments.
Creditcoin said the partnership comes with the release of Creditcoin 2.0, an update that makes the network more stable and easier to integrate.
Aella CEO Akin Jones highlighted that the move allows investors to monitor the performance of their business in real time by looking at the blockchain. This can eventually lead to more capital raising and helps more Africans have access to credit. Jones explained that:
“For us, and for millions of users across Africa, that means more and cheaper access to vital sources of credit.”
Tae Oh, the founder of Creditcoin, expressed his excitement about launching 2.0 and partnering with Aella. According to Oh, the new development is a step toward the project’s goal of giving the unbanked a “fairer chance.”
In April, a report showed that cryptocurrency ownership in Nigeria increased due to the lack of proper financial infrastructure in the region. The report, published by cryptocurrency exchange KuCoin, noted that many Nigerian citizens have begun to embrace cryptocurrencies as an alternative means of transferring assets.
In the meantime, venture funding for startups within the African region has grown 11-fold in 2022, according to the African Blockchain Report 2021. Because of this, the report predicts that a blockchain unicorn company may take the region by storm in two to three years.
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