African mobile banking platform Aella has partnered with the Creditcoin Network to make credit records transparent by integrating all of its transactions into the Creditcoin public blockchain.
In an announcement sent to Cointelegraph, Creditcoin said that all Aella credit transactions will be recorded on the Creditcoin blockchain, making them easy to audit and viewable through their 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 upgrade that makes the network more stable and easy to integrate with.
CEO Aella Akin Jones confirmed that the move allows investors to monitor the performance of its business in real time by looking at the blockchain. This could eventually lead to more capital and contribute to giving more Africans access to credit. Jones explained that:
“For us and the millions of users across Africa, this means more and cheaper access to vital credit sources.”
Tae Oh, founder of Creditcoin, expressed his happiness with the launch of 2.0 and the partnership with Aella. According to Oh, the new development is a step toward the project’s goal of giving “a fairer chance” to those without bank accounts.
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In April, a report showed that cryptocurrency ownership in Nigeria was boosted due to the lack of proper financial infrastructure in the region. The report, published by cryptocurrency exchange KuCoin, indicated that a lot of Nigerians are starting to adopt cryptocurrency as an alternative means of transferring assets.
Meanwhile, funding for start-ups in the African region grew 11-fold in 2022, according to the 2021 African Blockchain Report. For this reason, the report expects blockchain unicorns to surprise the region within two to three years.