The Federal Government Trader Moni influence further increased her reach to cover 3 more states over the weekend. The Trader Moni team carried out activation processes in Plateau, Yobe and Bayelsa states. Over fifteen thousand petty traders and artisans were empowered with the interest-free microcredit loan in each of the states.
In Plateau state, the activation process took place at the Terminus market located in the city capital. The enumeration and capturing processes were seamless and swift. Thousands of petty traders and artisans came out to express their interest in the excellent initiative set up by the Federal Government.
The Main Market, Damaturu was the activation center in Yobe state. The petty traders and artisans trooped out in their numbers to benefit from the Federal Government microenterprise empowerment programme. The traders were sensitized on the goal of the government in making the collateral and interest-free loans available to the poorest traders at the base of the financial pyramid. Enumeration and capturing was then properly coordinated for the beneficiaries in their tens of thousands.
These activation and sensitization processes were carried out at the Tombia market, Yenogoa, Bayelsa State.
Unlike the Government Enterprise and Empowerment Programme (GEEP) Market Moni loan scheme, which targets market women, traders, and enterprising youths, the Trader Moni is a micro-credit scheme to cater for ultra-micro enterprises.
According to the Executive Director, Bank of Industry, Toyin Adeniji, the programme which is activated nationwide will support 2 million Nigerians to grow their business by having access to a loan in Nigeria irrespective of the status or level of education.
“The goal of the scheme is to take financial inclusion and empowerment down to the grass root whereby pure water seller, bread seller, food seller, okada rider among others can access loan without collateral in Nigeria to expand their business” she stated at the Trader Moni launch in Lagos.
At the initial stage of the Trader Moni loan, traders and artisans have access to N10, 000 and pay back N10, 250 to qualify for N15, 000. After the beneficiary pays back N15, 375, such a person automatically qualifies for a N20, 000 loan to pay back 21,000 and by that, qualify for a N50, 000 loan. All these stages have a duration of six months interval to pay back.
For more information on Trader Moni, visit www.tradermoni.ng.