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FG launches TradeMoni as 30,000 petty traders in each state set to benefit from collateral free loans between Aug-Dec


OREDOLA ADEOLA |

The Federal Government has launched TRADERMONI, being a new initiative under the Government Enterprise and Empowerment Programme (GEEP), which the administration is proposing to empower two million petty traders between August to December 2018.



The credit scheme according to the government aims at extending financial inclusion down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development.

The scheme, which was launched  last week Tuesday, in Lagos, would grant a minimum of 30,000 loans in each State of the federation and the Federal Capital Territory. It has kicked off with tens of thousands beneficiaries already in some selected market in Lagos State, including Mushin, Ikotun, Agege, Ketu, and Abule Egba markets.

This newspaper however gathered that the two million mark for the project is expected to be attained on or before the end of this year, with petty traders in Lagos, Kano and Abia States set to be the first round of beneficiaries to draw the collateral free loans.

In a statement further released by Mr. Laolu Akande, Special Assistant to the Acting President on Media & Publicity, disclosed that 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.

The statement said , “ 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.

Akande revealed that TraderMoni was designed to help petty traders expand their trade through the provision of collateral free loans of N10,000. The loans are repayable within a period of six months.
Under the scheme, according to him,  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.

He added that the Federal Government is also aware of the fact that many of the petty traders don’t have what the commercial banks require to grant them loans.

He said, “ This administration is keen to ensure that such traders at that level are able to build their businesses and grow.

One of the beneficiaries  of the pilot scheme in one of the Lagos markets, Anna Enwerem, thanked President Buhari for the initiatives. She said, "I sell clothes. This N10,000 would do a lot for me and my children. I like this programme so much. I will pay the loan before six months’ time. Before I didn’t believe it, but now that I have received my money I believe.

Chief Mrs Mufiat Adewumi, a market women leader in Lagos, said it will help ordinary Nigerians who cannot have access to commercial banks’ credit facilities because they don’t have collateral,

She said, “We are happy about the TraderMoni because this is what we have been expecting for long, that the Government should assist the masses, especially the traders. We thank the Federal Government so much.”

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