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Tradermoni Records Success In The North Central by AlexReports(m): 7:28pm On Jul 17, 2019
TraderMoni records success in the North Central


Jennifer Iorfa, a petty trader from Gboko, Benue state makes and sells the local guinea corn milk called ‘kunu’ in local parlance and fried yam at a government secondary school close to her house in Gboko. One night, she heard about a government loan on TV and wondered when or how she could benefit until one of the teams on the government project came to one of the popular markets in her state capital, Makurdi. She ensured she was enumerated to be a beneficiary of the loan. Afterwards, she received a confirmation text message and subsequently, the TraderMoni collateral free loan of N10,000. With this, she bought ingredients for her business in larger quantities which enabled her to sell more.

Jennifer made decent returns to improve the living conditions of her family and repaid her loan of N10,250 – the extra N250 been the administrative charges on the loan — from her profits. Immediately after her loan repayment was processed, she received a text message informing her that she has qualified for the next loan stage, which is N15,000.

“With this N15,000 loan, I will be able to make more kunu, sell more and pay back,” she says with smiles on her face.

Jennifer’s story is just one out over two million beneficiaries that have received the collateral and interest free government loan called TraderMoni across the country.

According to data from the Bank of Industry, only 0.04% of SMEs in Nigeria could access bank loans despite employing over 80% of Nigeria’s labour force – a staggering statistics that is poor at best if not abysmal. This is one major gap the Federal Government set out to plug with Government Enterprise and Empowerment Programme (GEEP) – and so far, the testimonies received have shown significant success in closing this gap.

In 2017, the government of President Buhari launched GEEP as one of the National Social Investment Programme (NSIP) for Micro, Small and Medium Enterprises (MSMEs) and executed in partnership with the Bank of Industry. TraderMoni, of which Jennifer mentioned above was a beneficiary, is easily the most popular of the three schemes under GEEP which includes MarketMoni and FarmerMoni. It has so far reached over two million petty traders and small business owners across the country.

Before this project, people like Jennifer may never stand a chance at getting loans from traditional commercial banks primarily because of many barriers involved including lack of collateral and/or formal bank accounts – and this has largely excluded people in her category from financial inclusion.

One of the major successes of GEEP is therefore the increase in financial inclusion of the largely unreached population by bringing them onboard and giving them access to the formal financial ecosystem. In fact, it is primarily due to this significant impact that led to the Bank of Industry winning the award for ‘Financial Inclusion’ at the recent Africa Banker’s award in held in Malabo, Equatorial Guinea.

On how TraderMoni is driving financial inclusion, GEEP’s COO, Mr. Uzoma Nwagba has this to say, “For the TraderMoni scheme (for petty traders at the very bottom of the pyramid), we are taking a slightly different approach of not requiring BVNs or bank accounts as our targets are significantly less educated or sophisticated. We need to first solve their problem of access and reduce the barriers to that. So, we use what they have: their mobile phones.”

“It is only on the second loan that the BVN and bank account requirements kicks on, and therefore the digital collateral. As a result, we make a conscious effort with their first TraderMoni loan to make the carrot more attractive than the stick. That is, we make it very simple to get the next higher loan (N15,000) once the first loan (N10, 000). You literally receive a disbursement in minutes when you dial a USSD code after paying your first loan”

Through the TraderMoni scheme, many micro business owners and artisans have been empowered across all 36 states and the Federal Capital Territory (FCT).

At the International Market, Lokoja is Suleiman Idris Mustapha who sells phones accessories and also charges phones. As a beneficiary, he says, “It was right here in the market they came to meet us, and of course, I registered. Many people didn’t believe that this loan by the government is real but I here am with the N10,000 which is a very good boost and incentive for my petty business. I can also confirm that some of my relatives in Kano state have also received the loan.”

Mrs. Nkiru Success is another TraderMoni beneficiary in Plateau state. According to her, “When I was asked by the agents of the scheme if I am interested in the business loan, and I said yes. So, I was registered and afterwards, I received a confirmation and congratulatory message.”

“I jubilated and started danced, even my children were surprised. This loan that came without so much stress in a good motivation for me to work harder and repay so I can get the next one of N15,000.”

Also, another beneficiary, Ahmed Muhammad who sells shoes at the Terminus Market Jos said he makes an average of N300 to N500 profits daily which is quite small for sustenance both the N10,000 loan will empower him to get more goods at cheaper prices which will increase his profit margins.

At popular Ipata Market, in Kwara state, Risikat Agbeyangi, a pepper seller also received the N10,000 TraderMoni loan, according to her, “We thank the president for his support to us; it was timely and met our personal and business needs, some of us expanded our business with it.

From International Market in Kogi state to Ipata Market in Kwara state to Ultra-Modern Market in Lafia, every part of the North Central was reached and the testimonials of the beneficiaries are evidence of the success of this empowerment programme.

Did You Know?

GEEP has impacted over 2 million small and micro businesses.

Over 56% of beneficiaries are female.

Professions: Artisans, petty traders, farmers and market women.

Over 2600 markets have been activated across the 774 LGAs in the 36 states and the F.C.T.

GEEP has worked with 7000 market cooperatives, farming clusters and field agents.

https://www.abujapress.com/2019/07/tradermoni-records-success-in-north.html?m=1

6 Likes 3 Shares

Re: Tradermoni Records Success In The North Central by RealLordZeus(m): 7:57pm On Jul 17, 2019
Kudos, had doubts about the programme after election before but I think the government is committed to social welfare in their own little way though Capitalism will not let it strive.
Lest I forget what about our 5k,


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3 Likes

Re: Tradermoni Records Success In The North Central by NOL2dworld(m): 7:57pm On Jul 17, 2019
Accept Jesus Christ, surrender to him, rededicate yourself to Him and make Him your personal Lord and Saviour. Accept Him now, for next minute may be too late..

Make this confession loudly. Father! Forgive me, I'm sorry, please help me, I love U, I need U, hold me Jesus!!!, my heart, my soul please take control of it right now.

2 Likes

Re: Tradermoni Records Success In The North Central by exchangeplus: 7:57pm On Jul 17, 2019
Nice
Re: Tradermoni Records Success In The North Central by nototribalist: 7:58pm On Jul 17, 2019
Story for the gods

1 Like

Re: Tradermoni Records Success In The North Central by yinkus6750(m): 7:58pm On Jul 17, 2019
Why not?
That's the poverty capital of the nation..even with 2,000, it will still be highly successful.
Hope they end up using it to trade.

1 Like

Re: Tradermoni Records Success In The North Central by Earthquake2: 7:59pm On Jul 17, 2019
Social media tradermoni
Re: Tradermoni Records Success In The North Central by StupidVoters: 7:59pm On Jul 17, 2019
D
Re: Tradermoni Records Success In The North Central by lastempero: 7:59pm On Jul 17, 2019
FG spreading poverty like wildfire.

10 Likes

Re: Tradermoni Records Success In The North Central by CeeJay9ja(m): 8:00pm On Jul 17, 2019
15k?
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2 Likes

Re: Tradermoni Records Success In The North Central by donprinyo(m): 8:01pm On Jul 17, 2019
Petty bribery of the poor
Re: Tradermoni Records Success In The North Central by Debaiz: 8:01pm On Jul 17, 2019
Good development

Gradually, they will start moving to larger businesses and start thinking of expansion.

2 Likes 1 Share

Re: Tradermoni Records Success In The North Central by Avedonn: 8:01pm On Jul 17, 2019
I'm yet to witness with my eyes where they are sharing this trader moni

1 Like

Re: Tradermoni Records Success In The North Central by MarkudiRITA(f): 8:01pm On Jul 17, 2019
Chai, who do Africa this thing, moni wey no reach sub for one month to trade forex.

4 Likes

Re: Tradermoni Records Success In The North Central by yrex01(m): 8:02pm On Jul 17, 2019
Best transparent scheme ever.they won't b happy bcoz it's not fulani massacre news but well, God bless NIGERIA n all er well wishers !!

3 Likes

Re: Tradermoni Records Success In The North Central by donprinyo(m): 8:02pm On Jul 17, 2019
Anyone believing Bubu administration is a supporter of lower form of mediocrity.

1 Like

Re: Tradermoni Records Success In The North Central by nanauju(f): 8:03pm On Jul 17, 2019
grin
Re: Tradermoni Records Success In The North Central by 2blessed01(m): 8:03pm On Jul 17, 2019
Offcourse, It Should!
It Is Made 4 Dem....LAZY YOUTHS!!!!
Re: Tradermoni Records Success In The North Central by Meedon: 8:08pm On Jul 17, 2019
To all chelshit fans
Re: Tradermoni Records Success In The North Central by LegoMetahuman: 8:11pm On Jul 17, 2019
yinkus6750:
Why not?
That's the poverty capital of the nation..even with 2,000, it will still be highly successful.
Hope they end up using it to trade.
when did north central become poverty capital?

you do realize north central is different from north east and north west.

and north central is actually doing better economically than south east.

1 Like

Re: Tradermoni Records Success In The North Central by Roger3D: 8:11pm On Jul 17, 2019
And now the evil IPOB yoots will come in here to insult Buhari and rubbish this laudable scheme

1 Like

Re: Tradermoni Records Success In The North Central by picoba(m): 8:12pm On Jul 17, 2019
This country is sick.

4 Likes

Re: Tradermoni Records Success In The North Central by judgementyard(m): 8:14pm On Jul 17, 2019
story for the gods!

2 Likes

Re: Tradermoni Records Success In The North Central by judgementyard(m): 8:15pm On Jul 17, 2019
story for the gods!
Re: Tradermoni Records Success In The North Central by DanDeeBoss(m): 8:16pm On Jul 17, 2019
yinkus6750:
Why not?
That's the poverty capital of the nation..even with 2,000, it will still be highly successful.
Hope they end up using it to trade.
North Central (Middle Belt) Poverty capital of the nation.... lol, you actually need to learn more

1 Like

Re: Tradermoni Records Success In The North Central by pek(m): 8:36pm On Jul 17, 2019
Op, hope you paid Seun for this advert?
Re: Tradermoni Records Success In The North Central by MrBONE2(m): 8:38pm On Jul 17, 2019
donprinyo:
Anyone believing Bubu administration is a supporter of lower form of mediocrity.

BaBu till 3323 grin

1 Like

Re: Tradermoni Records Success In The North Central by RDPMAN: 8:45pm On Jul 17, 2019
Okay.
Re: Tradermoni Records Success In The North Central by litaninja(m): 9:19pm On Jul 17, 2019
$27 paid back, that's empowerment and success in Nigeria.
Next level.

1 Like

Re: Tradermoni Records Success In The North Central by Nobody: 9:42pm On Jul 17, 2019
Lies
Anyone who believes this will believe mannabbqgrills has a brain

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