Trader Moni is the new initiative by the FG of Nigeria to empower the traders and the youth for petty trades. The Buhari administration came up with Government Enterprise and Empowerment Programme (GEEP) which is to target 2 million beneficiaries.
Trader Moni by Federal Government
The scheme which was launched last week in Lagos would grant loans to a minimum of
N30,000 beneficiaries in each State of the Federation and the Federal Capital Territory.
The aim of the Trader Moni initiative
The aim is to further enlarge the financial inclusion agenda for all Nigerians regardless of social class and economic status.
Altogether 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.
Furthermore, 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.
How to benefit
In order to identify the beneficiaries, over 4000 enumeration agents have been engaged by the Bank of Industry for 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 over 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.
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.
This administration is keen to ensure that such traders at that level are able to build their businesses and grow, the government said.
Trader Moni has 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 in the country, with Abia and Kano states next in line.