The Bank of Industry (BoI) unveiled a collateral-free loan package, ‘Trader Moni’, to help about two million businesses grow their trade a few weeks ago.
Trader moni is a new government initiative which caters for ultra micro-enterprises by providing them with loans for their small-scale business.
The initiative was part of the National Social Investments Programmes (NSIP) of President Muhammadu Buhari’s administration.
The goal of the scheme was to take financial inclusion down to the grassroots where pure water, bread, food sellers and Okada rider, among others, can access loan to expand their businesses without any form of security.
Activations have begun in selected pilot cities; Lagos, Kano and Abia. In Lagos, 5 major markets (Mushin, Ikotun, Abule Egba, Agege and Ketu) were visited.
Here are the pictures detailing reactions from Beneficiaries across the respective states:
“The ‘Trader Moni’ initiative is a mobile phone-driven technology. After your details have been captured by the 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 at any mobile money agent.
“For a starter, you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for N20,000 loan and when you pay back N21,000, you will get N50,000. All loan categories have payback duration of six months,” she said.
Corroborating Adeniji, Chief Operating Officer, Government Enterprise and Empowerment Programme, GEEP, Mr Uzoma Nwagba, said that GEEP has three products – Farmer Moni for farmers with loan access of up to N300,000, Market Moni for traders and artisans that are a little bigger and structured gets loan access of N100,000 and Trader Moni of up to N50,000 loan accessibility.