Customer story

Digitally transforming the lending process!

Learn how Aella uses Data and Payment APIs to increase the speed and user experience of their lending product.

Overview

Finance is complex enough. People and businesses deserve easy, straightforward products that actually work. Aella makes it super easy for anyone to borrow, invest and make payments.

Industry

Personal finance

Goal

Reduce loan approval time

  • Auth
  • Balance
  • Identity
  • Income
  • Transaction

Aella’s Key Results

99%

Data Quality

88%

Success rate

Lending is becoming increasingly important, especially in this part of the world. Consumer behaviour is changing, and consumers are expecting digital experiences even within their financial activities. Since we live in a technology-powered world, it makes sense that the expectations around services such as lending are changing and that more companies are emerging to meet consumer needs.

Aella (YC W17) is one of such companies that’s determined to make its mark in the digital lending space. Their focus is on enabling financial independence and making financial tools easily accessible to as many people as possible. With the bold declaration of being “the one-stop-shop to meet your financial requirements,” they’ve created Aella Care, Aella Pay, Aella Notes, and Aella Credit. These products are designed to help with loans, health insurance, investments, and paying bills.

data

To ensure that their products work the way they should, factors like speed and ease must be hallmarks of their offerings. Therefore, the right course of action is to connect with a company whose job it is to power a business like Aella and to help with digitising its core products. To be clear, we’re that company — we worked with Aella and significantly improved their customer onboarding and connection, increasing loan efficiency from increased approval speed to disbursement. Customers can enjoy their health insurance, investments, loans, and bill payment services even faster — that’s what we love to hear! Also, the quality of the data they receive is at a whopping 99%, meaning they have accurate information to use in making decisions on how they meet their customers’ needs — more good news!

data1

“With our commitment to providing democratized financial and payments solutions for the unbanked and underbanked in the emerging market, working with Okra has been instrumental in ensuring that our customers can build bankable credit ratings. By enabling speedier loan approval processes, more people can get their loans faster and pay back on time which allows them to grow their credit scores. This guarantees a more financially inclusive economy.” — Wale Akanbi, Co-Founder/CTO Aella App

Okra is Africa’s Open Finance API. Our platform is the digital transformation tool for businesses in Africa.

Retrieving current and historical balance information from your customers is a lot easier. Verifying an account balance is key to reducing the risk of returned payments and preventing transaction failures.

Reducing customer onboarding from days to seconds and drastically improving business operations:

  • Quickly retrieve comprehensive KYC and KYB profiles for individuals and businesses.
  • Get access to the real-time income, asset, and liability details of your customers before lending decisions happen. This translates into the consequent disbursement of loans much faster, most likely in less than 24 hours!
  • You’re able to easily retrieve current and historical customer balance information, across all banks in Nigeria — up to 2 years worth! These details are key to reducing the risk of returned payments and preventing API call failures.

Enabling easy payments for businesses: - Businesses can set up easy payouts to their Okra-connected accounts and seamlessly confirm customer payments. - Recurring customer payments can be created on our platform — it’s one less thing for you to handle!

So, what does all this mean for Aella’s customers? - Customers can connect quickly with Aella after they download the app on Google Play or in the App Store. Then, via our API, Aella can quickly and easily confirm their identities. - Personalised services using Aella’s App. - Faster loan approvals.

We’re thrilled to have helped Aella move the needle with regards to digitising their services. Visit them @ www.aellaapp.com.

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