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Cooperative Bank of Oromia’s (coop) uncollateralized digital lending product, Michu, has disbursed over 200 million birr loan facilities since it started operation in May 2022.

The loans that target the working capital needs of roadside traders and micro businesses, which are marginalized by traditional collateral-based lending, were given out to 40,000 micro-businesses in 25,000 loan applications.

Powered by Kifiya Financial Technology’s Qena, Michu is Ethiopia’s first uncollateralized digital lending product, with Telebirr Mela following it by a few months.

The loan product that’s built on Qena, an AI-powered digital lending platform that enables banks to provide uncollateralized credit via a credit scoring system, was also able to collect back the 130 million it loaned.

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Kaleab Girma, an Addis Ababa-based reporter and researcher, with over six years of experience in the field. He currently serves as Shega's Editor-in-Chief and specializes in reporting on small businesses, innovation, technology, and startups in Ethiopia.

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