The Federal Government through the Bank of Industry (BOI) and the Government Enterprise and Empowerment Programme (GEEP), has launched ‘Trader Moni’ in Lagos, a product through which traders could access loans of up to N10,000 at the first instance.
‘Trader Moni’ was launched Tuesday in five markets in Lagos; Ketu, Mushin, Ikotun, Agege and Abule Egba.
Under ‘Trader Moni’ traders don’t need any documents or property to collect 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.
During the launch, many traders have availed themselves of the opportunity. In her testimonial, Lucy, a pepper seller in Ojuwoye market, said she had heard about the ‘Trader Moni’ for a while but did not believe the government will be giving people like her loans.
As a market woman who had been turned away by banks when she needed to expand her business, it was unbelievable.
But when she sees her fellow traders singing and dancing on stage talking about how they received alerts on their phones and gift items from this government’s Trader Moni, she too decided to try it for herself.
Right there in the market, without having to leave her wares, a ‘Trader Moni’ agent came to enumerate her. They took down her details, captured her photograph and within 48 hours, she received a credit alert on her phone.
Lucy is just one of the 2 million people the President Muhammadu Buhari-led government is targeting across Nigeria through Trader Moni, an initiative of Government Enterprise and Empowerment Programme (GEEP).
According to Toyin Adeniji, executive director, Bank of Industry, “The goal of Trader Moni is to take financial inclusion down to the grassroots. The President Muhammadu Buhari-led administration recognised the contribution of petty traders to economic development and identified the fact that some of them may not have what the commercial banks may require to grant loan, hence, his support for this initiative to help them grow their businesses.”
Uzoma Nwagba, chief operating officer, GEEP said, “This initiative is aimed to expand financial inclusion because we have over 23 million Nigerians that are financially excluded, this administration aimed to reach them so that they can grow their businesses.”
In addition to Trader Moni, GEEP has ‘Farmer moni’ for farmers which avail them opportunity to access up to N300,000 loan each; ‘Market moni’ which targets market women, traders and artisans to get between N50,000 and N100,000.
Mufliat Adewunmi, Iyaloja of Ojuwoye Market was full of praise for the government for this laudable initiative.
“We are happy about Trader Moni because it is a thing we have been expecting. The government should assist the masses especially the traders. We thank Trader Moni, we thank the Federal Government for bringing this program to us. It will help a lot, especially we traders because we all know what we have been facing to get loans”
Under Trader Moni, you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for N20,000 loan and when you pay back N21,000, you will get N50,000. All loan categories have payback duration of six months.
Repayments can be made to BOI-GEEP loan account under PayDirect at banks.
For traders like Lucy who never believed the government could do anything for her, she is now singing a new song. She says the money will not just benefit her business but help to provide for her family. Regarding the repayment, she said, “Before that six months, I will repay the N10, 000. Trader Moni, I like it so much. Government, thank you.”