Nigerian fintech Vella Finance has announced it will discontinue all crypto-based operations to concentrate fully on serving small and medium enterprises (SMEs). In a recent email to users, Vella confirmed it would shut down crypto trading, deposits, wallets, fiat-crypto swaps, and other crypto services by October 30, marking a shift towards providing end-to-end banking solutions for African SMEs.
Launched in 2021, Vella initially aimed to enable crypto transactions and support businesses with global payment solutions. However, co-founder Tolu Adedayo explained that the decision to pivot came down to business priorities and regulatory considerations, saying, “Banking requires playing in regulatory confines. Serving SMEs with end-to-end banking solutions better aligns with our data-backed understanding of their needs.”
Vella already offers several services tailored for SMEs, including **Launch by Vella**, which assists small businesses in registering with Nigeria’s Corporate Affairs Commission for N18,000 ($14), providing instant business bank accounts, and a robust payment infrastructure. Adedayo noted the critical need to support the informal SME sector, which drives much of Nigeria’s GDP yet remains financially underserved.
In addition to its existing suite of services—like free invoice creation and payment links—Vella will roll out new features in the coming weeks as it refines its SME banking focus.
