Motolani Oseni
The introduction of TraderMoni townhall meetings has been described as an avenue for the beneficiaries to engage directly with the different stakeholders such as officials from the implementation partner, Bank of Industry; financial institutions and partner organisations from the private sector.
The implementation of the Buhari administration’s micro-credit schemes, including TraderMoni and MarketMoni, and other initiatives are some of the ways by which the Federal Government is said to be incrementally lifting Micro Small Medium and Enterprises (MSMEs) and other Nigerians out of poverty.
TraderMoni, which was described as Africa’s most impactful financial inclusion scheme in 2019 by the prestigious African Bankers Awards, was has been lauded for continually delivering on its promise to empower micro-businesses across Nigeria through technology driven collateral-free and interest-free loans starting from N10, 000 going up to N100, 000.
Speaking at the inaugural TraderMoni town hall meeting in Taurani market, the Chief Operating Officer, GEEP, Uzoma Nwagba said that these meetings would provide an avenue for the beneficiaries to also benefit from business advisory services to guide them in the utilisation of the funds for their businesses.
Nwagba added that the process of receiving cash out of the TraderMoni loans have been simplified and become more transparent through the printing of lists of approved applicants which is vetted by the market leaders.
Corroborating the GEEP COO, the Senior Special Assistant to the President on Social Investment Programmes, Barrister Ahmed Isma’eel said that the market leaders have been empowered to take ownership of the programme and ensure that the process runs smoothly.
The names of TraderMoni beneficiaries approved for cash out are displayed openly in the market. So no longer will hardworking traders fall prey to unscrupulous and fake agents.
He added that the with the introduction of the list, only the right people who have legitimate businesses and are operating in the market will receive the loans.
The Chairman of Taruani Market Traders, Mallam Sulaiman Musa Jido welcomed this development and pledged his support in cooperating with the officials to ensure the process is transparent.
He said that he will also ensure that he and his team encourage the traders to avail themselves of the loan and keep up with their repayment obligations.
In his words: “We are happy with this programme from the Federal Government. I will encourage my people at Taruani market to quickly pay back the TraderMoni loan so they can receive additional money to keep growing their business.
We appreciate the Office of the Vice President for bringing the TraderMoni officials to ensure that the money is collected by the real Taruani market traders. We really appreciate this effort of President Buhari’s government.”
Fatima Aliyu, a tailor based at Yankabba market who attended the second TraderMoni townhall meeting which was held at Yankabba Junior Secondary School confirmed that she received the alert on her phone about the TraderMoni loan and promised to use the funds to buy more materials to produce more handmade bags.
Since its commencement in 2016, over 2 million traders, artisans, enterprising youth and agricultural workers have benefitted from the various GEEP loans. Over 1 million beneficiaries are first time operators of bank accounts or mobile wallets.
Repayment of the loans which is over a six month period can be made via the bank or vouchers, upon which the beneficiary immediately qualifies for the next loan on their mobile phone.
Till date, 2600 markets have been activated across 774 Local Government Areas in the 36 states and the Federal Capital Territory. With its use of technology, GEEP has been able to reach the financially underserved at the grassroots, driving the agenda for financial inclusion,
development and growth. This is line with the Federal Government’s audacious projection of reaching 10 million Nigerians through GEEP by 2023.
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