Trader Moni: Get Ready Government Is Giving You Collateral-free Loan
Just in case you are not aware, the Nigerian government has something good for you if you are a petty trader or want to start a small business, but have funding challenges.
It has launched a new initiative under the Government Enterprise and Empowerment Programme (GEEP), called the Trader Moni.
Trade moni is targeted at empowering 2 million petty traders between now and the end of the 2018.
At least a total of 20 billion Naira would be given out as loan to different persons within the period.
The world over, small scare businesses are helping economies grow and Nigeria is looking to try that out on a different level.
A statement by the spokesman for the Acting President, Laolu Akande, said 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.
Petty traders in Lagos, Kano and Abia States are set to be the first round of beneficiaries to draw the collateral free loans the the government believes would further enlarge its financial inclusion agenda for all Nigerians regardless of social class and economic status.
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"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," the statement read.
Mr Akande also enumerated how much each petty trader would be getting.
"Trader Moni is designed to help petty traders expand their trade through the provision of collateral free loans of 10,000 Naira. The loans are repayable within a period of six months.
"Under the scheme, beneficiaries can get access to a higher facility ranging from 15,000 Naira to 50,000 Naira when they repay 10,000 Naira within the stipulated time period.
"The goal of the Buhari Administration is to use the Trader Moni to take financial inclusion down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development," Mr Akande explained.
He says the Federal Government is aware of the fact that many of the petty traders don’t have what the commercial banks require to grant loans and has made the loan available to ensure that such traders at that level are able to build their businesses and grow.
Trader Moni was launched last Tuesday in five markets in Lagos State with tens of thousands beneficiaries already.
The Lagos markets already reached are Mushin, Ikotun, Agege, Ketu, and Abule Egba markets.
The scheme will soon be taken to other states, with Abia and Kano states next in line, Mr Akande added.
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