Contrary to claims in some quarters that small-scale traders must present their permanent voters’ cards (PVCs) before they can access the newly launched Trader Moni, BusinessDay has gathered that traders do not need PVCs for the scheme.
Also, no document or property is needed to collect N10, 000 loan, which is the benchmark for Trader Moni, launched last week by the federal government.
The fund is managed by the Bank of Industry (BoI). Traders willing to access the fund only need to register, get captured and receive the money through their phones.
According to the federal government, the traders have six months to pay N10,250 and qualify for a bigger loan.
The scheme, which is an initiative of Government Enterprise and Empowerment Programme(GEEP), will empower two million people.
Toyin Adeniji, executive director, Bank of Industry, said the goal of Trader Moni was to take financial inclusion down to the grassroots.
Adeniji said President Muhammadu Buhari-led administration recognised the contribution of petty traders to economic development and identified the fact that some of them might not have what commercial banks would 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 an opportunity to access up to N300,000 loan each, as well as ‘Market Moni’, targeting market women, traders and artisans to get between N50,000 and N100,000.
Trader Moni was launched last Tuesday in five markets in Lagos: Ketu, Mushin, Ikotun, Agege and Abule Egba.
Mufliat Adewunmi, Iyaloja of Ojuwoye Market, said: “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 programme to us. It will help a lot, especially us traders, because we all know what we have been facing to get loans.”
Under Trader Moni, traders can access N10,000 and pay back N10,250 to qualify for N15,000. Once they pay back N15,375, they will qualify for N20,000 loan. As soon as they pay back N21,000, they 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.
