FG targets over 2m petty traders in TraderMoni initiative

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The federal government has launched a new initiative under the Government Enterprise and Empowerment Programme (GEEP), called the TraderMoni targeting more than two million petty traders who will benefit from collateral free loans.

Mr. Laolu Akande, spokesman for the acting president, Prof. Yemi Osinbajo said in a statement that each state and Abuja will get a minimum of 30,000 of beneficiaries adding that the traders will be empowered between now and the end of the year.

“TraderMoni is designed to help petty traders expand their trade through the provision of collateral free loans of N10, 000. The loans are repayable over a period of six months.

“Under the scheme, beneficiaries can get access to a higher facility ranging from N15, 000 to N50, 000 when they repay N10, 000 within the stipulated time period,” said Akande.

He said altogether, the two million mark is expected to be attained on or before the end of 2018, with petty traders in Lagos, Kano and Abia sates set to be the first round of beneficiaries to draw the collateral free loans.

“In addition to the 30,000 loans per state, states with larger populations like Lagos and Kano are expected to get more than 30,000 loans. Across the country, especially in the pilot states, about 500,000 potential beneficiaries have so far been enumerated.

“In order to identify the beneficiaries, no less than 4,000 enumeration agents have been engaged by the Bank of Industry which is deploying the new scheme,” he added.

He explained that the goal “is to use the TraderMoni to take financial inclusion down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development.’

He noted that the federal government is aware that many petty traders do not have what the commercial banks require to grant them loans adding that “this administration is keen to ensure that such traders at that level are able to build their businesses and grow.”

It would be recalled that TraderMoni was launched last Tuesday in Mushin, Ikotun, Agege, Ketu, and Abule Egba markets in Lagos.

“The scheme will soon be taken to other states in the country, with Abia and Kano states next in line.

 

 

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