New Bank Promises SMEs, Traders in Aba Collateral-free Loans

OneWallet Microfinance Bank has launched a new digital finance initiative to empower Small and Medium Scale Enterprises (SMEs) in Aba, Abia State, with an assurance of providing the businesses with collateral-free loans.

The bank is designed as a “business support platform” built around the real needs of SMEs, traders, merchants, to provide them with easier access to financing, digital payments, and business tools without the traditional, cumbersome collateral requirements and help them to expand beyond local markets.

The goal is to expand financial inclusion by making payments and collections easier through affordable digital devices, including UnionBell Smart Phones and POS terminals.

The launch marks the start of a platform built over the last two years to support SMEs, which the bank described as “the bedrock of the Nigerian economy.”

Board Chairman, Darl Uzu, in his remarks, said the new bank would issue loans to businesses using data from their transaction history, instead of the traditional demand for collaterals.

He explained that using transaction history data would help the businesses build the financial history and credibility needed for future growth and expansion which would simplify their accessing loans.

“We want to help SMEs access financial support/loan easily to grow their businesses,” Uzu said, explaining that Ariaria International Market was chosen as the pilot because of its role as a hub for manufacturing, trading, distribution, apprenticeship, and business incubation.

“Ariaria International Market is not just a market. It is one of the strongest symbols of enterprise in Nigeria… From shoes to fabrics, from leather works to clothing, from wholesale supply to retail trade, Ariaria represents the strength of Nigerian commerce,” he said.

Uzu said the bank was not coming to teach Ariaria traders how to do business, but to provide tools that would help them boost their operations.

“We are here to support Ariaria business energy with tools that can help businesses do more, reach more customers, organize better, and prepare for bigger opportunities. In other words, we are here to help Ariaria innovate and grow,” he said.

The Chairman thanked the Ariaria market leadership, zone leaders, and business community for their cooperation, noting that no initiative could succeed in the market without their trust.

He also acknowledged partners: MTN, Zenith Bank, and Unionbell Technologies Limited, for supporting the project across banking, technology, connectivity, and distribution.

To the OneWallet team, he said the launch is “not the end of the work. It is the beginning of a greater responsibility.”

“We promise to keep building, improving, and listening. We know trust is not declared; it is earned. OneWallet must earn your trust through service, reliability, support, and real value to your business,” he said, adding that the model tested in Ariaria would be extended to more businesses in Aba and across Nigeria.

A Director of the bank, Mr. David Nwosu, during the product presentation, assured that their services were fast and seamless, adding that the bank issues loans to traders after studying their transaction history for 90 days, without collaterals.

Representatives of the partners: Dr. Ernest Chieke (MTN), Dr. Carl Akwarandu (Zenith Bank), a Chinese Board member, Wiedong Wang, in their goodwill messages, maintained that OneWallet has presented a new opportunity for SMEs and other businesses to extend their frontiers.

Chairman of Ariaria traders, Chief Hyacinth Nnabude, assured that they would patronize OneWallet to grow their businesses.

The event featured the formal unveiling of the bank and product presentation.