30 000 petty traders access FG’s ‘Trader Moni’ in FCT
30,000 traders have so far accessed federal Government’s ‘Trader Moni’ programme for petty traders across the federation, the Bank of Industry (BoI) said on Wednesday in Abuja.
‘Trader Moni’ is the micro credit programme being promoted by President Muhammadu Buhari’s administration, which gives petty traders access to capital for their businesses.
The programme, is going on simultaneously across the 36 states has been flagged off by the Vice President Osinbajo, and targets market outreach and access to capital for 2 million
Speaking to newsmen on Wednesday at the last batch of the disbursement in Abuja,Toyin Adeniji,the Executive Director for Micro and Medium Scale Enterprise Development in the Bank of Industry urged the beneficiary traders to embrace the loan as a key way of spiking their small scale business.
She remarked that the market outreach and the disbursement of the loan is to ensure the traders have a deeper understanding of the features of the loan,while urging them to follow instructions of the business support service providers to ensure no defaults and attraction of more of the interest free loan.
“It starts from N10 000,and within 3-6 months if the person repays it,he gets 15 000,and if there is no default he gets N20 000 to grow their business”she explained.
Further,she noted that the Bank of Industry,is the executing agency for the prgramme.”As you know the Bank of Industry is the strong promoter of SMES in Nigeria .So,we have created the platfrom to enable this programme thrive and to lift up to 2 million Pettry Traders out of poverty”
The pay back,the Executive Director clarified is three to 6- months after which they could get increased loan. The idea is that for you to get a loan to expand your business .So,when you pay back,others could be re-cycled and given the loan also for their business in an increased amount
Further in her remarks,she said the programme is going on simulatenoeusly acros the states,noting that the beneficiaries have been sending appreciation text to applaud government’s initiative in assisting the development of the Small and Medium Enterprises Development.
“Some have used the loan facility as a working capital top buy extra things,grow their business,and ensure they consolidate on the growth of their business.
“Every single beneficiary is listed on our system,and it is going directly to the beneficiaries. We are tracking the development, and we go through many intermediaries. We are going to them directly. This is 100% government initiative and funded,” She said.