TWO MILLION NIGERIANS TO RECEIVE COLLATERAL FREE LOANS IN BUHARI ADMINISTRATION’S LATEST MICRO CREDIT FOR PETTY TRADERS! WOW!!
*EACH STATE, FCT WILL GET A MINIMUM OF 30,000 BENEFICIARIES!
*THE SCHEME HAS ALREADY STARTED IN LAGOS. KANO & ABIA TO FOLLOW!! DOUBLE WOW!
*BY YEAR END IT WOUlD HAVE CIRCULATED ROUND THE COUNTRY!
The Buhari administration has launched a new initiative under the Government Enterprise and Empowerment Programme (GEEP), called the TraderMoni. TraderMoni will empower two million petty traders between now and the end of the year, according to Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity,
Office of the Acting President, in a statement dated 12th August, 2018
Pemium Times reports that the scheme, which was launched last week in Lagos, would grant a minimum of 30,000 loans in each State of the federation and the Federal Capital Territory.
The 2 million target is expected to be reached on or before the end of this year.
Petty traders in Lagos, Kano and Abia States are set to be the first round of beneficiaries to get the collateral free loans.
A minimum of 30,000 business loans will go to each state. However, 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 identified.
To identify the beneficiaries, 4,000 enumeration agents have been employed by the Bank of Industry which is in charge of disbursing the loans.
TraderMoni is designed to help petty traders expand their business through the provision of collateral free loans of N10,000. The loans are repayable in a period of 6 months.
Under the scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N50,000 when they repay the initial N10,000 within the stipulated time.
The goal of the Buhari Administration is to use TraderMoni to make capital available to petty traders who find it difficult to access loans from banks due inability to meet up with requirements.
TraderMoni was launched last Tuesday in five markets in Lagos State. Already, there are tens of thousands beneficiaries. The Lagos markets already reached are Mushin, Ikotun, Agege, Ketu, and Abule Egba markets.
The scheme will soon arrive other states in the country. Abia and Kano states next in line. Beneficiaries are full of praise to the Buhari administration for this initiative geared to enable them improve their businesses.
A report by Premium Times quotes a trader in one of the Lagos markets, Anna Enwerem, thanked President Buhari for the “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,” she said.
In the same vein, Mrs Mufiat Adewumi, a market women leader in Lagos, said the scheme would benefit ordinary Nigerians who cannot have access to commercial banks’ credit facilities because they don’t have collateral, “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.”