OneWallet Microfinance Bank, a financial institution offering collateral-free loans to Small and Medium Enterprises (SMEs), traders, and other businesses, has officially commenced operations in Aba, Abia State.
The bank was formally launched last Tuesday at the bustling Ariaria International Market, where it reaffirmed its commitment to equipping traders, artisans, and small business owners with the digital tools and financial support required to expand beyond local markets.
Driving SME Growth and Financial Inclusion
The launch represents the culmination of a two-year development process aimed at building a platform dedicated to supporting SMEs, which the bank described as the “backbone of Nigeria’s economy.”
Positioned as a business support platform, OneWallet is designed to address the practical needs of traders, merchants, and artisans by improving access to finance and digital payment solutions.
The bank stated that it seeks to deepen financial inclusion by simplifying payment and collection processes through affordable digital devices such as UnionBell smartphones and POS terminals.
Loans Without Collateral
Speaking at the event, the Board Chairman, Darl Uzu, assured prospective customers that the bank would provide loans without requiring collateral, relying instead on customers’ transaction histories.
He explained that this approach would not only simplify access to credit but also enable businesses to build a verifiable financial record, enhancing their credibility for future growth.
Why Ariaria Market Was Chosen
Uzu noted that Ariaria International Market was selected as the pilot location due to its significance as a major hub for manufacturing, trading, distribution, and entrepreneurship.
He described the market as a powerful symbol of Nigerian enterprise, highlighting its diverse commercial activities ranging from leatherworks and textiles to wholesale and retail trade.
He clarified that the bank’s role is not to teach traders how to run their businesses, but to provide tools that will enhance their operations.
Partnerships and Expansion Plans
Uzu expressed appreciation to the Ariaria market leadership and business community for their support, noting that trust and cooperation are essential for the success of any initiative in the market.
He also acknowledged key partners, including MTN, Zenith Bank, and Unionbell Technologies Limited, for their contributions in areas such as technology, banking, connectivity, and distribution.
He emphasised that the launch marks the beginning of a broader responsibility for the bank, pledging continuous improvement and customer-focused service delivery.
According to him, the model being implemented in Ariaria will eventually be extended to other parts of Aba and across Nigeria.
Seamless Services and Business Opportunities
During the product presentation, a Director of the bank, Mr. David Nwosu, highlighted the speed and efficiency of the bank’s services.
He reiterated that traders can access loans after a 90-day review of their transaction history, without the need for collateral.
Stakeholder Reactions
Representatives of partner organisations, including Dr. Ernest Chieke (MTN), Dr. Carl Akwarandu (Zenith Bank), and board member Wiedong Wang, described the initiative as a significant opportunity for SMEs to expand their reach and capacity.
In his remarks, the Chairman of Ariaria traders, Chief Hyacinth Nnabude, expressed confidence in the initiative and assured that traders would embrace the platform to grow their businesses.
Conclusion
The event featured the formal unveiling of OneWallet Microfinance Bank and a comprehensive product presentation, marking the beginning of what stakeholders described as a promising step toward empowering SMEs and strengthening Nigeria’s business ecosystem.