Oromia Bank’s new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank’s contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusion and empowers citizens through innovative digital lending solutions. The service offers five separate loan products to meet diverse customer needs: Salary Advance Loans, Milkii Furtuu, Milkii Harmee, Device Financing, and Fuel Credit Service. Salary Advance Loans are designed for employees of corporate partners, offering quick, collateral-free salary access in advance. Milkii Furtuu targets daily income earners, like laborers and small business owners, providing growth-oriented loans without collateral. Milkii Harmee, also collateral-free, supports women with affordable, low-cost financing to promote nationwide empowerment. The bank offers a Device Financing (Buy Now, Pay Later) scheme for purchasing phones, electronics, and household items. Its Fuel Credit Service lets users refuel even with low balances, supporting fuel sector digitisation. Loans typically have a one-year term with a maximum limit of 300,000 Br. Customers can easily self-register on the Milkii app, no branch visits or collateral needed. Oromia Bank boosts its digital reach through the OrooDigital Omni-Channel Platform, offering seamless services across over eight digital channels. Oromia Bank officially launched its collateral-free digital lending app, Milkii, at a grand ceremony held Wednesday, last week, at the Hyatt Regency, attended by senior officials and distinguished guests.
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