The Vice President, Pro Yemi Osinbajo yesterday, launched the Government Entrepreneurship Empowerment Programme for low income traders known as TraderMoni in Iwo, Osun State.
The Vice President’s Senior Adviser on Media, Laolu Akande tweeted yesterday:
“VP Osinbajo now in Osun launching Trader Moni N10,000 collateral free loan for Petty Traders. We shall reach 2million such loans by year end across the country”
The Vice President was received by the Governor, Rauf Aregebesola and the Oluwo of Iwo, Oba Abdul-Rasheed Adewale Akanbi.
Governor Aregbesola also tweeted:
Osinbajo said the intervention programme was designed to support micro business across the country.
The Vice-President, who said no government in the history of the country had implemented such an economic-boosting programme, maintained that the Federal Government under the All Progressives Congress (APC) was really interested in the welfare of the people.
He noted that the “TraderMoni” will boost micro and small scale businesses as well as bolster petty trading and commercial activities across the country.
The Vice-President said beneficiaries would be given N10,000 each to be paid to them within six months.
He added that any of the beneficiaries who pays back the loan within stipulated period would qualify for N15,000.
Osinbajo said: “TraderMoni scheme is targeted at petty traders, market women, artisans and small scale business entrepreneurs to cater for ultra-micro enterprises. The policy of the Federal Government is to support businesses, not just big business but particularly small, medium-sized businesses and micro businesses.
“The idea is that we want to ensure that we give whatever support to people to boost their businesses. For instance, if we give you N10,000 and you refund it within six months, then you qualify to collect N15,000. If you pay back the N15,000, you qualify to get N20,000.”
He hailed President Muhammad Buhari for prioritising the welfare of Nigerians.
The Vice-President said the people could reciprocate the President’s good gesture by re-electing him in next year’s general elections.
The Executive Director of Bank of Industry (BOI), Mrs. Toyin Adeniji, said 30,000 persons had benefited from the loan.
The bank and Government Enterprise and Empowerment Programme (GEEP) are major partners in the programme.
Mrs. Adeniji noted that the beneficiaries are from 36 states and the Federal Capital Territory (FCT)
She said: “Our agents have already met the market women at their points of sales to register them. They would get the money and pay it back immediately through Mobile Wallet. In fact, many people have started receiving the alert.
“Under ‘TraderMoni’ traders don’t need any document 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.”