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Osinbajo Launches ‘TraderMoni’ In Osun

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Vice President Yemi Osinbajo, on Monday said no government in the history of the country had outperformed President Muhammadu Buhari in boosting the nation’s economy.

Osinbajo stated this in Iwo, Osun State while lunching  ‘TraderMoni’ an initiative of federal  government, through Bank of Industry (BOI) and Government Enterprise and Empowerment Programme (GEEP), a social intervention programme.

Osinbajo who argued that Buhari deserves another term with his numerous intervention programmes, added that the programme is another federal government social intervention aimed at funding micro business in the country.

According to him, the initiative would help in boosting micro and small scale businesses and petty trading and commercial activities across the country.

Under the programme, Osinbajo said the beneficiaries would be given a sum of #10,000 naira each, repayable within six months and added that, any of the beneficiaries that pay back the loan within the stipulated period, would qualify for a bigger amount of N15,000.

He said: “TraderMoni scheme, is targeted at petty traders, market women, artisans and small scale business enterprises to cater for ultra-micro enterprises.

“The policy of the Federal Government is to support businesses, not just big business but particularly small, medium-sized businesses and micro businesses. The whole idea is that we want to ensure that we give whatever support to people to alleviate their businesses.

“For instance, if we give you #10,000 and refund within six months then you are qualified to collect #15,000. If you pay back the sum of #15,000 you are qualified to get #20,000.”

He commended President Buhari for placing high premium on the welfare of Nigerians, urging the people to encourage the president to do more by re-electing him in 2019.

In his remarks, the Executive Director, Bank of Industry BOI, Mrs Toyin Adeniji said that no fewer than 30,000 beneficiaries would have access to the loan, saying 10,000 would be captured in the first phase.

Adeniji further explained that the beneficiaries of the traderMoni scheme are in all 36 states and the federal capital territory (FCT)

She averred: “Our agents have already met the market women at their point of sales to register them, they would get the money and pay it back immediately through Mobile Wallet. In fact, many people have started receiving the alert.”

“Under ‘TraderMoni’ traders don’t need any documents or property to collect N10, 000 loan from the Federal Government.

“They only need to register, get captured and receive the money through their phones. The repayment plan is for six months and beneficiaries would pay a paltry N250 interest on the N10,000 and qualify for a bigger loan thereafter.

 



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