Bank Giving Loans to SMEs without Collateral Opens in Aba

Boniface Okoro in Umuahia

OneWallet Microfinance Bank, which says it gives loans to Small and Medium Enterprises (SMEs), traders, and other businesses without collateral, has commenced operations in Aba, Abia State.

The bank was officially unveiled in the commercial city last Tuesday at Ariaria International Market, with a pledge to give traders, artisans, and small businesses the digital tools and financing needed to scale beyond local markets. 

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.” 

The bank is designed as a “business support platform” built around the real needs of SMEs, traders, merchants, and artisans.

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

The Board Chairman of the bank, Darl Uzu, in his remarks, assured the public that the new bank would issue loans to businesses without collateral but would use data from their transaction history.

“In simplifying access to loans using transaction history, the bank aims to help businesses build the financial history and credibility needed for future growth and expansion. 

“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.

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

Uzu 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 like 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, promised that their services are fast and seamless, adding that the bank issues loans to traders after studying their transaction history for 90 days, without collateral.

Representatives of the partners, Dr. Ernest Chieke (MTN), Dr. Carl Akwarandu (Zenith Bank), and 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.

In his remark, the Chairman of Ariaria traders, Chief Hyacinth Nnabude, stated that they would patronise OneWallet to grow their businesses.

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

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