The Federal Government's no-interest loan scheme, TraderMoni, is coming to Ekiti State. 

TraderMoni will be launched in Ekiti on Monday, January 21, 2019.  

A spokesman for the Governor of Ekiti State, Mr Tunji Ogunlola, announced the planned launch on Friday while while speaking on the Vice President’s visit to the state,

He lauded the initiative of the Federal Government on the scheme and assured residents that real traders would be captured.

The Senior Special Assistant to Governor Kayode Fayemi said that the scheme was designed to help petty traders expand their trade through provision of collateral-free loan of 10,000 Naira.

The governor’s aide said that Ekiti Government had held several meetings with market trader unions to identify real traders and how best to ensure re-payment of the loans.

He said there was the need to enlighten and educate the people on the benefits accrual to traders from this initiative.

Ogunlola said the state government was emphasising on working directly with the market leaders since it is a loan that must be repaid.

"If the loan is given anyhow to people without proper identification, the repayment may not be guaranteed.

"The Federal Government’s idea is good. So, we are appealing to the traders to work with us because though we know them, but they know themselves better and are closer to one another than to the government," he said.

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The governor’s aide said it was not enough to capture people without shops, but also the repayment plan. He assured the traders that the Federal and state government meant well for them.

“The basic is how to make their business grow for their benefit and for the development and betterment of Ekiti in general," he explained.

The TraderMoni scheme is part of the socio-investment programme of President Muhammadu Buhari's administration and the plan is to ensure that petty traders receive the first loan of 10,000 Naira.

Once they are able to repay that over a period of six months, they get another 15,000 Naira loan and when they repay that, they get another 20,000 Naira loan until they get as much as 50,000 Naira.

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