Bank Opens in Aba, Offering Collateral‑Free Loans to SMEs

Boniface Okoro in Umuahia

OneWallet Microfinance Bank, which claims to provide loans to Small and Medium Enterprises (SMEs), traders, and other businesses without requiring collateral, has begun operations in Aba, Abia State.

The bank was officially launched in the commercial city last Tuesday at Ariaria International Market, promising to supply traders, artisans, and small businesses with the digital tools and financing needed to expand beyond local markets.

This launch marks the beginning of a platform that has been under development for the past two years to support SMEs, which the bank described as “the bedrock of the Nigerian economy.”

The bank is positioned as a “business support platform” that addresses the real needs of SMEs, traders, merchants, and artisans.

OneWallet stated that its goal is to broaden financial inclusion by simplifying payments and collections through affordable digital devices, including UnionBell Smart Phones and POS terminals.

Darl Uzu, the board chairman, assured the public that the new bank would issue loans to businesses without collateral, using data from their transaction histories.

“By simplifying access to loans through transaction history, we aim to help businesses build the financial record and credibility needed for future growth and expansion,” Uzu said. “We want to help SMEs access financial support and loans easily to grow their businesses.”

He explained that Ariaria International Market was chosen as a pilot site 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 added.

Uzu clarified that the bank is not there to teach traders how to do business, but to provide tools that will help them boost their operations.

“We are here to support Ariaria’s 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,” he said.

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

Uzu also acknowledged partners such as 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 will be extended to more businesses in Aba and across Nigeria.

David Nwosu, a director of the bank, stated during the product presentation that their services are fast and seamless, and that the bank issues loans to traders after studying their 90‑day transaction history, without collateral.

Representatives of the partners—Dr. Ernest Chieke (MTN), Dr. Carl Akwarandu (Zenith Bank), and Chinese board member Wiedong Wang—shared goodwill messages, noting that OneWallet presents a new opportunity for SMEs and other businesses to expand their reach.

Chief Hyacinth Nnabude, chairman of Ariaria traders, remarked that they would patronise OneWallet to grow their businesses.

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

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