Lending network enables transparent credit history in Africa via blockchain partnership
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Creditcoin founder Tae Oh said the partnership brings them closer to their goal of giving the unbanked a fairer shot.
African mobile banking platform Aella has partnered with Creditcoin Network to make credit histories transparent by integrating all its transactions into Creditcoin’s public blockchain.
In an announcement sent to Creditcoin said that all Aella's credit transactions will be recorded on the Creditcoin blockchain, making it easy to audit and available for viewing through their block explorer. The recorded transactions will include the terms of the loans as well as payments and repayments.
Creditcoin said that the partnership comes with the release of Creditcoin 2.0, an upgrade that makes the network more stable and easier to integrate with.
Aella CEO Akin Jones highlighted that the move allows investors to monitor the performance of its business in real time by looking at the blockchain. This may eventually lead to more capital raises and contributes to giving more Africans access to credit. Jones explained that:
“For us, and millions of users across Africa, that means more and cheaper access to vital sources of credit.”
Tae Oh, the founder of Creditcoin, expressed excitement over the 2.0 launch and partnership with Aella. According to Oh, the new development is a step toward the project's goal of giving the unbanked a "fairer shot."
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