TWO MILLION NIGERIANS TO GET COLLATERAL FREE LOANS IN BUHARI ADMINISTRATION’S NEW MICRO CREDIT FOR PETTY TRADERS

*EACH STATE, FCT TO GET MINIMUM 30,000 BENEFICIARIES

*SCHEME OPENS IN LAGOS, KANO & ABIA TO FOLLOW

*GOES ROUND COUNTRY BY YEAR END


In a determined and significant bid to further enlarge its financial inclusion agenda for all Nigerians regardless of social class and economic status, the Buhari administration has launched a new initiative under the Government Enterprise and Empowerment Programme (GEEP), called the TraderMoni, 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 a minimum of 30,000 loans in each State of the federation and the Federal Capital Territory.

All together, the 2 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.

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.

TraderMoni 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.

The goal of the Buhari Administration is to use the TraderMoni 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 them loans.

This administration is keen to ensure that such traders at that level are able to build their businesses and grow.

TraderMoni 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 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.

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," she said.

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, “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.”

Laolu Akande
Senior Special Assistant to the President on Media and Publicity,
Office of the Acting President,
12th August, 2018

It wasn't easy. But I'm elated that I was able to get petty traders that registered for this scheme. Most of them have lost hope that any good thing will ever come out from government. It was the most difficult work I have ever done. Meeting hawkers, fruit sellers, food stuff and condiments sellers etc, it wasn't easy. Most of them don't even have mobile phone or account number. Some will tell you that they haven't done any bank transaction for about five years now. Lalasticlala, please push to front page and help us create awareness.

Which kind loan be dis #10,000 & #15,000
If you want to help please help and if you don't want to help don't help rubbish

ak22:
Which kind loan be dis #10,000 & #15,000
If you want to help please help and if you don't want to help don't help rubbish

Most petty traders, the total worth of goods on their tables is below 7k.

kurt09:
Most petty traders, the total worth of goods on their tables is below 7k.

Okkkk ooooo. Is because they don't have money
Increase the money Sir

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I like this. Nice development.

10,000 naira loan?...This Apc really working hard to equate us wit the north in terms of backwardness and penury

kurt09:
Most petty traders, the total worth of goods on their tables is below 7k.

which kind talk be this na, less na than $50 as loan and you're even justifying it

If the government is serious about doing something they should do it right, why not give a larger some to 100,000 visionary people that will end up employing a minimum of 4 people each for their businesses, that is how to grow an economy not all this stomach infrastructure in disguise.

This people just want to keep Nigerian in poverty on purpose

This is nice, this would bring competition to the loan agencies like microfinance and the "gbomulelantans" .. These loan agencies have turned to nightmares to the petty traders who needs quick cash for business running cost.
For people who think 10k - 30k is little, I agree with you, but for someone who has something doing or has a shop, 10k-30k, would help you bake and make some smallchops and pastry that you can sell instantly and make turnover, if you are a good driver and also don't mind the shame. You can hire a danfo at the garage and still buy fuel and make 200% gain in just one day
If you have an internet enabled phone and can access olx, you can start buying phone accessories from alaba market(some cost as low as N100 and sells for 500-1000)

Even if its yahoo that you want sef, buying of old Facebook accounts and some other tools 10k-30k can get you started

Although I agree the government can do more, but let us appreciate this initiative

Pmb!!!!

Jeez! They are not sharing their money at the polling booths, they are sharing it now. 30,000 per vote...o shey!

Stupid people..

kurt09:
Most petty traders, the total worth of goods on their tables is below 7k.

What do you expect from enemies of progress. Even if the loan is 1 billion naira they will still find one or two thing to say against it. Smh.

Hmmm see that niqqa... After here, na straight to bar

This is where afonjas will carry number one. Anything grant or government aid, they are number one...hungry things. Hide under One Nigeria nd claiming sophisticated. If you are man enough, agree to separation like Igbos are clamoring for, let hunger finish you.

Monies dt will be used to pay debts buhari already put them into.... APc sha dey bribe una with anytin

Use the money to make light more stable.
Dem Don swear for our govt

10K or is my eye paining me?

somebody help me pls

Anything for Election.


Soon they would approve national minimum wage

Lies from the pit of hell..


What will 15k or 30k do for traders..

You guys are no serious o.

Another avenue to make money abi.. the ogas at the top, are smiling because they have kept their millions aside .. and re ready to share the remaining peanuts..

Nonsense.

All those people in the photos.. I want be surprised if they were rented. Mayb 2k each.

Nigerians can celebrate mediocrity for Africa.
I saw a guy up there saying he likes this

Nigerian leaders knows her people love suffering wit smiles
I'll be cursed to pose on camera for a 30,000 naira loan

well good job must buhari must still go


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Which nonsense free collateral loan. The 5000 youwinconnect winners that was selected has he paid them, has he funded their businesses?? They are still battling the first lie, and Yet they are here dishing out more lies

God forbid bad thing... Tufiakwa.

Buhari don win 2019