Yinka Kolawole in Osogbo
The federal government, through the Bank of Industry (BOI) and Government Enterprise and Empowerment Programme (GEEP), has launched the ‘Trader Moni’ in Osun State, a product through which traders could access loans of up to N10,000 at the first instance.
Trader Moni was launched yesterday in Iwo, Iwo Local Government Area of the state by Vice President Yemi Osinbajo.
Performing the official launch, Osinbajo said the Traders Moni programme was part of the federal government social intervention aimed at funding micro business in the country.
Osinbajo, who said no government in the history of the country has done such an economic boosting programme, said the All Progressives Congress (APC)-led government has done well in the area of people’s welfare.
The vice president said Trader Moni programmes would help boost micro and small scale businesses as well as petty trading and commercial activities across the country.
He noted that the beneficiaries would be given a sum of N10,000 each which is repayable within six months, adding that any of the beneficiaries that pays back the loan within the stipulated period would qualify for another bigger amount of N15,000.According to him, “Trader Moni scheme is targeted at petty traders, market women, artisans and small scale business enterprises to cater for ultra-micro enterprises.
“The policy of the federal government is to support businesses, not just big business but particularly small and medium-sized businesses as well as micro businesses. The whole idea is that we want to ensure that we give whatever support to the people to alleviate their businesses.
“For instance, if we give you N10, 000 and refund within six months, then you are qualified to collect N15,000. If you pay back the sum of N15,000 you are qualified to get N20,000.”Commending President Muhammadu Buhari for giving priority to welfare of the people of the country, Osinbajo said there was the need for the people of the country to reciprocate the good work of President Buhari by re-electing him in 2019.
The Executive Director of BOI, Mrs. Toyin Adeniji, said no fewer than 30,000 beneficiaries would have access to the loan.
Adeniji further explained that the beneficiaries of the Trader Moni scheme are in all 36 states and the Federal Capital Territory (FCT)
“Our agents have already met the market women at their point of sales to register them, they would get the money and pay it back immediately through Mobile Wallet. In fact many people have started receiving the alert.
“Under Trader Mon programme, traders don’t need any documents or property to collect the N10, 000 loan from the federal government.
“They only need to register, get captured and receive the money through their phones. The repayment plan is for six months and beneficiaries would pay a paltry N250 interest on the N10,000 and qualify for a bigger loan thereafter,” she stated.