Africa-based mobile banking platform Aella has reportedly forged an alliance with Creditcoin Network to boost transparency for credit histories, via integrating transactions into Creditcoin’s public blockchain.

Specifically, Creditcoin reportedly revealed that a record of every Aella’s credit transaction will be kept on the Creditcoin blockchain, simplifying the auditing process and available for viewing via their block explorer. 

The recorded transactions will reportedly come with the terms of the loans together with payments and repayments.

Creditcoin additionally revealed that the alliance was forged with the introduction of Creditcoin 2.0, an upgrade that amplifies the stability of the network, simplifying the integration protocol.

Head of Aella, Akin Jones, reportedly emphasized that the initiative will make it possible for investors to have an oversight of the performance of its business in a real-time manner, via viewing the blockchain. This may eventually result in an increase in capital raises and contributes to giving more Africans access to credit.

“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, shared his exciting attitude towards the 2.0 introduction and collaboration with Aella. Per Oh, these new initiatives serve as a development for the project’s target of equipping the unbanked with a “fairer shot.”

In April, insights from a report revealed that crypto ownership in Nigeria experienced a surge due to the insufficiency of proper financial infrastructure in the territory. The report, generated by crypto exchange KuCoin, disclosed that numerous Nigerian citizens have started to turn to crypto as an alternative instrument for transferring assets.

Meanwhile, venture funding for startups within the African region has grown by 11x in 2022, according to the African Blockchain Report 2021. Because of this, the report predicts that a blockchain unicorn may surprise the region in two to three years.