No fewer than 10,000 petty traders in Ogun on Tuesday accessed the “Trader Moni” collateral-free loan of the Federal Government to expand their business activities.
Speaking at the activation of ‘Trader Moni’ initiative at Sango Ota Market in Ogun, Toyin Adeniji, Executive Director, Bank of Industry, explained that the programme was part of government’s efforts aimed at reducing poverty at the grassroots level.
Adeniji said that the programme would be activated in various markets nationwide and would support two million Nigerians to grow their business through access to collateral free loans irrespective of their status or level of education.
The News Agency of Nigeria recalls that the programme was launched under the Government Enterprise and Empowerment Programme in partnership with the Bank of Industry.
Adeniji said that the goal of the scheme was to take financial inclusion down to the grassroots whereby pure water seller, bread seller, food seller, okada rider, among others, could access micro credit to expand their businesses.
She said: “Trader Moni’ initiative is mobile phone driven, after your details have been captured by agent and sent to BoI system for validation, within 48 hours you will get cash notification in your mobile wallet account.
“You can either transfer the cash to your bank account or cash it out with any mobile money agent around.
“At the beginning, you can access N10,000 and with time you can get up to N50, 000, if you pay the previous loans as and when due.”
Uzoma Nwagba, Chief Operating Officer of GEEP, said that the initiative was targeted at 30,000 traders in various markets in Ogun, adding that Sango market was the first phase.
He urged beneficiaries to do their best to repay the loan so that others could benefit from the opportunity of the programme.
Sarah Arisekola, a food seller, commended the government for the initiative, adding that the money would assist her get more food stuff for her business.
Also, Bunmi Olutobi, a jewelry seller, said that the economic situation of the country was harsh and expressed optimism that many traders would experience financial relief with the initiative from government.