Nigerians have taken to Twitter to express their excitements as residents of Osun State begin to benefit from the Federal Government’s Trader Moni initiative.
It was gathered from #TraderMoni, a Twitter hashtag, that government officials were at Orisunmibare market in the state to empower the masses.
— Tradermoni (@Trader_Moni) August 29, 2018
The #TraderMoni scheme affords small business owners to get a loan of 10,000 naira to be paid back within 6 months. They can choose to pay 85 naira per day or 430 naira per week. #Osun pic.twitter.com/LODXodoYgw
— Mazi Olisaemeka ™ (@OlisaOsega) August 29, 2018
— Osas Cruz (@OsasCruz) August 29, 2018
What Trader Moni initiative is all about
The soft loan scheme is aimed at funding micro businesses in the country. Trader Moni is meant to help very small scale traders easily get loans without collateral in Nigeria for the purpose of expanding their small businesses.
Trader Moni enables artisans, street hawkers, and petty traders to have access to loan facilities from N10,000 in order to boost their businesses.
The initiative was launched under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BOI).
Unlike the existing GEEP Market Moni loan scheme, which targets market women, traders, artisans and enterprising youths, TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises.
The initiative which has started nationwide is bid to support 2 million Nigerians to grow their business by having access to loan irrespective of their status or level of education.
Since its launch, the initiative has covered Kano, Abia and Akwa Ibom States.
Recall that the FG’s Enterprise and Empowerment Programme (GEEP) MarketMoni interest-free loan scheme successfully reached over 300,000 beneficiaries in all 36 states of Nigeria, including the Federal Capital City.
The loans range between N10,000 and N100,000.
GEEP MarketMoni is a Social Intervention Programme (SIP) of the Nigerian government, executed by the BOI, a parastatal of the Federal Ministry of Industry, Trade and Investment.
Beneficiaries of this scheme must belong to an accredited market association or cooperative group registered with their state’s Corporate Affairs Commission.