Nigerian fintech startup, Vella Finance, has decided to drop its crypto-related services and instead focus on providing banking services to small and medium-sized businesses. Co-founder Tolu Adedayo explained that they made this business decision because offering both crypto and banking services at the same time just wasn’t feasible. Makes sense, right?
According to a recent report, Vella Finance informed its users and subscribers on October 23rd that they would no longer be offering crypto services starting from October 30th. Adedayo further elaborated on their decision, saying, ‘We’re going fully into SME Banking. Banking requires playing by the rules and regulations, and since we already serve businesses with our user and transactional data, it just makes sense to offer them a complete banking system.’ He also mentioned that, in his opinion, providing cryptocurrency and banking services simultaneously is not practical.
Now, here’s the interesting part: Vella Finance’s decision to drop crypto services comes at a time when interest in digital assets like bitcoin and tether is on the rise. Nigeria is actually one of the six countries in the world’s top 50 where crypto transaction volume has grown year-over-year. Plus, the rapidly depreciating local currency in Nigeria is also fueling interest in crypto assets. So, it’s a bit surprising that Vella Finance is shifting away from crypto, right?
But don’t worry, my friends! Adedayo assured us that Vella Finance has some exciting plans up their sleeves. They’re already working on introducing new features that will solidify their entrance into the business banking space. So, even though they’re leaving crypto behind, they’re not slowing down!
Well, that’s the latest news from Vella Finance. What do you think about their decision? Let us know in the comments below!