No fewer than 10,000 petty traders in Ogun State, yesterday, accessed the Trader Moni collateral free loan of the Federal Government to expand their business activities.
Speaking at the activation of ‘Trader Moni’ initiative at Sango Ota Market in Ogun, Toyin Adeniji, Executive Director, Bank of Industry (BoI), said that the programme was part of government’s efforts aimed at reducing poverty at the grassroots level.
Adeniji said that the programme would be activated in various markets nationwide and would support two million Nigerians to grow their business through access to collateral free loans irrespective of their status or level of education.
The Federal Government had earlier unveiled the programme under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BOI).
Adeniji said that the goal of the scheme was to take financial inclusion down to the grass root whereby pure water seller, bread seller, food seller, okada rider; among others can access micro credit to expand their business.
“‘Trader Moni’ initiative is mobile phone driven, after your details have been captured by agent and sent to BoI system for validation, within 48 hours you will get cash notification in your mobile wallet account.
“You can either transfer the cash to your bank account or cash it out with any mobile money agent around,” she saìd.
Chief Operating Officer of GEEP, Uzoma Nwagba, said that the initiative was targeted at 30,000 traders in Ogun.
He urged beneficiaries to do their best to repay the loans so that others can benefit from the opportunity of the programme.
Mrs Sarah Arisekola, a food seller, commended the government for the initiative, adding that the money would assist her get more food stuff for her business.