- Vice President Yemi Osinbajo has activated TraderMoni scheme in Obalende, Makoko and Oyingbo areas of Lagos state
- TraderMoni scheme is designed by the federal government to help petty traders expand their trade through the provision of collateral-free loans of N10,000
- Beneficiaries of the scheme applauded the federal government for embarking on the project which they described as people oriented
The federal government of Nigeria has on Tuesday, November 13, brought smiles to the faces of market women, traders and artisans in Obalende, Makoko and Oyingbo areas of Lagos state through the TraderMoni initiative.
The federal government initiative which is aimed at providing two million petty traders across the country with collateral-free loans before the end of the year was activated by Vice President Yemi Osinbajo who inspected Obalende market and had a one-on-one interactions with the traders.
The vice president also activated the scheme in Makoko and Obalende areas of Lagos.
Recall that he had on Monday, November 12, activated the scheme in Igando, Ikotun and Ile Epo markets.
Vice President Yemi Osinbajo has activated TraderMoni initiative in Obalende, Makoko and Oyingbo areas of Lagos state. Photo credit: Aanu Adegun
In the TraderMoni initiative,beneficiaries can get access to a higher facility ranging from N15, 000 to N50, 000 when they repaid N10, 000 within the stipulated time period.
Mrs Toyin Adeniji, (middle) executive director, Bank of Industry with some market leaders. Photo credit: Aanu Adegun.
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Speaking on the success of the initiative, Mrs Toyin Adeniji, executive director, Bank of Industry (BOI), while fielding questions from Legit.ng said the initiative has been a tremendous success as over 1 million Nigerians have been registered for the scheme.
The Bank of Industry is in partnership with the federal government to provide the collateral free loans.
Papson Sharon, one of the enumerator said traders were happy with the initiative as many of them immediately after receiving the money went to restock their goods. Photo credit: Aanu Adegun.
The BOI boss also said that the process in which traders are being enrolled into the scheme was transparent.
Papson Sharon, one of the enumerator (registering agent) who also interacted with Legit.ng said traders were happy with the initiative as many of them immediately after receiving the money went to restock their trading goods.
Beneficiaries of the scheme applauded the federal government for embarking on the project which they described as people oriented. Credit: Aanu Adegun
She however said there was reluctance on the part of the traders initially but things changed immediately traders who embraced the initiative from the outset started receiving credit alerts from their banks.
Another beneficiary who praised the federal government for the TraderMoni initiative.
Meanwhile, one of the beneficiaries, Mrs Wosila Popoola, who sells 'ponmo' at Obalende market, praised the federal government for having the poor in mind. The trader who confirmed that she has received the money urged the FG to keep the scheme.
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Another beneficiary, Sakirudeen Olaniyi, who also confirmed that he has been credited with N10,000 said it never crossed his mind that a government could embark on such people centered scheme. He said the money might be small to some people but it is a boost to his business.
Olaniyi who is a meat seller also said he will be paying back the loan in other to scale up his chances of obtaining higher loans for his business.
Meanwhile, Legit.ng had reported that Mr Laolu Akande, senior special assistant to the president on media and publicity, office of the vice president, said any attack on the TraderMoni scheme is an attack on hardworking petty traders and Nigerians in general.
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Source: Legit.ng
