Onewallet Microfin Bank Launches Collateral-Free Loans in Aba

Onewallet Microfin Bank officially launched in Aba, Abia State, on a Tuesday at the Ariaria International Market, pledging to provide loans to small and medium enterprises (SMEs) without requiring collateral. The bank, described as a crucial support platform for SMEs, aims to enhance financial inclusion and facilitate easier payment collection.

Darl Uzu, the board chairman, stated that the bank would leverage transaction history to simplify loan access for businesses, helping them build a credible financial history for future growth. The Ariaria International Market was chosen as a pilot site due to its significance as a manufacturing and trade hub.

Uzu emphasized the bank's commitment to providing tools that help local businesses reach customers and prepare for larger opportunities. The launch involved partnerships with MTN and Zenith Bank, with the bank's director, David Nwosu, highlighting the promise of fast and seamless service.

The initiative is expected to extend its reach across Nigeria, supporting SMEs in their growth.