TRADERS CREDIT SCHEME EXPANDS IN LAGOS
Vice President Yemi Osinbajo, inaugurate the TraderMoni scheme at Ketu, Bariga and Oshodi markets in Lagos
TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP), is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans ranging from N10,000 and above.
The loans are repayable over a period of six months the scheme, formally launched in 33 states and the FCT, is expected to reach about two million petty traders by the end of the year.
Laolu Akande, the Senior Special Assistant to the President on Media and Publicity said “While there are so far more than 809,000 beneficiaries of TraderMoni, over 1.1 million Nigerians: market women, traders, artisans, and farmers are presently beneficiaries of Government Enterprise and Empowerment Programme (GEEP).
The GEEP scheme comprises of FarmerMoni, MarketMoni and TraderMoni.
FarmerMoni loans start at N300, 000 and are for farmers in farming clusters, via farm aggregators. MarketMoni is a six-month interest-free credit of between N50,000 and N300,000 for small businesses: medium-scale traders, market women, artisans, and youths in market associations under the auspices of their cooperative societies.
Under the TraderMoni scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N100,000 when they repay N10,000 within the stipulated time period.
“The micro-credit scheme under the Government Enterprise and Empowerment Programme (GEEP), was first formally launched on Aug. 7, in five markets in Lagos State: Mushin, Ikotun, Agege, Ketu, and Abule Egba areas,’’ Akande said.