By Ayobami Agboola, Osogbo
The Federal Government through the Bank of Industry (BOI) and Government Enterprise and Empowerment Programme (GEEP), has launched ‘Trader Moni’ in Osun state, a product through which traders could access loans of up to N10,000 at the first instance.
‘Trader Moni’ was launched Monday in Iwo, Iwo Local Government area of Osun, by the Vice President Yemi Osinbajo.
Performing the official launch, Prof Osinbajo said the Traders Mini programme was part of the federal government social intervention aimed at funding micro business in the country.
Osinbajo who said no government in the history of the country has done such an an economic boosting programme said APC led Government has done well in the area of people welfare.
The Vice president said that trader moni programmes will help boosting micro and small scale businesses and petty trading and commercial activities across the country.
He added that the beneficiaries would be given a sum of #10,000 naira each which is repayable within six months adding that any of the beneficiaries that pay back the loan within stipulated period would qualify for another bigger amount of N15,000.
According to him, “TraderMoni scheme, is targeted at petty traders, market women, artisans and small scale business enterprises to cater for ultra-micro enterprises.
“The policy of the Federal Government is to support businesses, not just big business but particularly small, medium-sized businesses and micro businesses. The whole idea is that we want to ensure that we give whatever support to people to alleviate their businesses.
For instance, if we give you #10,000 and refund within six months then you are qualified to collect #15,000. If you pay back the sum of #15,000 you are qualified to get #20,000.
Commending President Muhammad Buhari for giving priority to welfare of the people of the country, Osinbajo said there was the need for the people of the country to reciprocate the good work of President Buhari by re-electing him in 2019.
Speaking, the Executive Director, Bank of Industry BOI, Mrs Toyin Adeniji said that no fewer than 30,000 beneficiaries would have access to the loan.
Mrs Adeniji further explained that the beneficiaries of the traderMoni scheme are in all 36 states and the federal capital territory (FCT)
“Our agents have already met the market women at their point of sales to register them, they would get the mony and pay it back immediately through Mobile Wallet. Infact, many people have started receiving the alert.”
“Under ‘Trader Moni’ traders don’t need any documents or property to collect N10, 000 loan from the Federal Government.”
“They only need to register, get captured and receive the money through their phones. The repayment plan is for six months and beneficiaries would pay a paltry N250 interest on the N10,000 and qualify for a bigger loan thereafter.”
During the launch, many traders have availed themselves of the opportunity. In her testimonial, Alhaja Kudirat Husssain a pepper
seller in Iwo, said she had heard about the ‘Trader Moni’ for a while but did not believe the government will be giving people like her loans.
As a market woman who had been turned away by banks when she needed to expand her business, it was unbelievable.