Access to credit plays an important role in emerging economies. Being in the position to provide this credit to a teeming population, one has to keep optimizing for better ways to meet these credit needs. Aella understands this and has been working since 2015 to provide its customers with fast and reliable loans that do not require paperwork or collaterals.
Granting loans to customers is one thing, but granting loans that strike a balance between their needs and income capacity — all in minutes — is highly important to the Aella team. For this reason, they sought out a way to evaluate loan applications to accurately qualify each customer’s income status.
One way to do this was to ask customers to send in their bank statements to be reviewed; customers either had to visit their banks to obtain these statements or had to pause their loan applications to send them in. This meant that the team could not review these statements and glean the customer's income status in real-time.
Speaking to Emmanuel Ogunsola, Product Manager at Aella, he said "We needed secure real-time access to customers' transactions to understand our customers' financial state, and also assess the impact of the credit we offered, so we went with Mono."
"Our customers deserve the best service, and it is important for our services to reflect that we fully understand their needs."
With Mono Statement Pages, the Aella Credit team can power faster and more personalized lending. Introducing a new system into any process can change things for both the business and the customers, and this change has to be positive.
"The onboarding and integration process with Mono was smooth. Our Engineering and Product teams use the dashboard to oversee our statement collection process."
"Since we integrated with Mono, our customers have a more seamless experience when applying for loans and sharing their bank statements."
For a customer-focused team like Aella, they always have their sights set on customer satisfaction. It's not enough to just provide loans. To them, credit must have an impact.
To date, Aella has disbursed over 1 million loans from ₦1,500 to ₦1million, to customers. In 2020, they raised $10 million in a debt financing round to continue in their mission to fuel opportunities and dreams with credit. We're excited to be powering this great team to build better lending experiences for its customers.
To get access to a loan, download the Aella app on the Google Play or App Store.
If your team is looking to build better financial experiences by reliably and securely connecting to financial accounts, you can drop us a line at hi@mono.co.
