The
Buhari administration in Nigeria has launched a new initiative under the
Government Enterprise and Empowerment Programme (GEEP), called the Trader Moni,
which will empower two million petty traders between now and the end of the
year.
Buhari administration in Nigeria has launched a new initiative under the
Government Enterprise and Empowerment Programme (GEEP), called the Trader Moni,
which will empower two million petty traders between now and the end of the
year.
The scheme
which was launched last week in Lagos would grant loans to a minimum of 30,000
beneficiaries in each State of the federation and the Federal Capital
Territory. The aim is to further enlarge the financial inclusion agenda for all
Nigerians regardless of social class and economic status.
which was launched last week in Lagos would grant loans to a minimum of 30,000
beneficiaries in each State of the federation and the Federal Capital
Territory. The aim is to further enlarge the financial inclusion agenda for all
Nigerians regardless of social class and economic status.
All
together the two million mark 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.
together the two million mark 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
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.
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 fewer than 4000 enumeration agents have been
engaged by the Bank of Industry which is deploying the new scheme.
to identify the beneficiaries, no fewer than 4000 enumeration agents have been
engaged by the Bank of Industry which is deploying the new scheme.
Trader
Moni is 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.
Moni is 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, 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.
scheme, 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.
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. 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 loans.
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. 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 loans.
This
administration is keen to ensure that such traders at that level are able to
build their businesses and grow, government said.
administration is keen to ensure that such traders at that level are able to
build their businesses and grow, government said.
Trader
Moni was launched last Tuesday in five markets in Lagos State with tens of
thousands beneficiaries already.
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.
markets already reached are Mushin, Ikotun, Agege, Ketu, and Abule Egba
markets.
The
scheme will soon be taken to other states in the country, with Abia and Kano
states next in line.
scheme will soon be taken to other states in the country, with Abia and Kano
states next in line.
Beneficiaries
are already heaping praise on the Buhari administration for this initiative
that will improve their businesses.
are already heaping praise on the Buhari administration for this initiative
that will improve their businesses.
A trader
in one of the Lagos markets, Anna Enwerem thanked President Buhari for the
initiatives. “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.”
in one of the Lagos markets, Anna Enwerem thanked President Buhari for the
initiatives. “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.”
Similarly,
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.
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.
“We are
happy about the Trader Moni 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.”
happy about the Trader Moni 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.”
