Lending network enables transparent credit history in Africa via blockchain partnership

African cell banking platform Aella has partnered with Creditcoin Community to make credit score histories clear by integrating all its transactions into Creditcoin’s public blockchain.

In an announcement despatched to Cointelegraph, Creditcoin mentioned that every one Aella’s credit score transactions can be recorded on the Creditcoin blockchain, making it simple to audit and accessible for viewing via their block explorer. The recorded transactions will embody the phrases of the loans in addition to funds and repayments.

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Creditcoin mentioned that the partnership comes with the discharge of Creditcoin 2.0, an improve that makes the community extra secure and simpler to combine with.

Aella CEO Akin Jones highlighted that the transfer permits buyers to observe the efficiency of its enterprise in actual time by trying on the blockchain. This will ultimately result in extra capital raises and contributes to giving extra Africans entry to credit score. Jones defined that:

“For us, and thousands and thousands of customers throughout Africa, which means extra and cheaper entry to important sources of credit score.”

Tae Oh, the founding father of Creditcoin, expressed pleasure over the two.0 launch and partnership with Aella. In line with Oh, the brand new improvement is a step towards the venture’s aim of giving the unbanked a “fairer shot.”

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