The federal government, through the Bank of Industry (BOI) and Government Enterprise and Empowerment Program (GEEP), has launched  a new program ‘Trader Moni’, in Osun State, Nigeria.
The program was launched at Iwo Local Government Area of the state by Vice President Yemi Osinbajo, on the 4th of September 2018.
The Vice President Yemi Osinbajo stated that the “Trader Moni” program was part of the federal government social intervention aimed at funding micro businesses in the country, boosting small scale businesses as well as petty trading and commercial activities across the country.
He expanded, 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 with a paltry N250 interest, would qualify for another bigger amount of N15,000.
According to him, “Trader Moni” scheme is targeted at supporting petty traders, market women, artisans and small scale business enterprises. The whole idea is that we want to ensure that we give whatever support to the people to alleviate poverty.
Commending President Muhammadu Buhari for giving priority to welfare of the people of the country, Vice President Osinbajo said there was 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 loans. She further explained that the beneficiaries of the ‘Trader Moni’ scheme are in all 36 states and the Federal Capital Territory Abuja .“Our agents have already met the market women at their point of sales to register them, they would get the money, and the repayment plan for six months, would be made through Mobile Wallets;“under the ‘Trader Moni’ programme, traders don’t need any documents or property as collateral, they only need to register, get captured and receive the money through their phones, she declared.