The Bank of Industry (BoI) has debunked claims that access to its TradeMoni loan initiative by Micro, Medium and Small Enterprises (MSMEs) require political affiliations or the use of Permanent Voters’ Card (PVC).
The Bank, at the weekend, explained that several allegations on social media regarding the TraderMoni programme, which had its sixth sensitisation event in Osun State during the week, were misconstrued.
According to BoI, the only requirement to be a Trader Moni beneficiary is for the beneficiary to be Nigerian and a petty trader.
“As a programme, we have never, and will never, enquire about the political affiliations of a trader. A paper form, or “PVC check,” is not part of the registration process.
“We enjoin all well-meaning Nigerians to please join us at these activation events, or just visit any of the major trade clusters in your state to see the TraderMoni programme in action. We are also open to feedback on how to continually scale and strengthen TraderMoni’s impact, our number-1 goal”, the bank added.
It would be recalled that the TraderMoni was conceived in May 2016 as part of the 2-year-old Government Enterprise and Empowerment Programme (GEEP), a social intervention scheme of the Federal Government, being executed by the Bank of Industry.
GEEP has been providing interest-free loans to traders and artisans across all 36 States of Nigeria, and the FCT, since May 17, 2016.
The bank explained that the GEEP programme, by design, comprises of three products: “GEEP MarketMoni, since May 2016, over 350,000 loans till date: these are loans of N50,000 and N100,000, for structured traders and artisans through their market associations and cooperatives.
“GEEP FarmerMoni, since May 2017, up to 5,000 loans and growing: these are larger loans of N300,000 each, for structured farmers through their farming cooperatives. BVN and bank accounts are required.
“GEEP TraderMoni, commenced May 2018: these are loans starting at N10,000, for petty traders for whom MarketMoni and FarmerMoni are too large, and for whom the bank account and BVN requirements have been barriers. Paying back the first loan guarantees automatic disbursement of N15,000, and subsequent loans of N20,000, N50,000, and N100,000.
Candidates are enumerated in their trade clusters by the over 4,000 TraderMoni agents nationwide. They are verified by the Bank of Industry, and loans are disbursed directly to their mobile wallets.”
The bank noted that the TraderMoni commenced in May 2018, the programme was first publicly “activated” on August 7, 2018 in five markets in Lagos State, with beneficiaries in Mushin, Ikotun, Agege, Ketu, and Abule Egba markets in the state.
Subsequently, there have been similar activations in seven States including, Kano (August 18), Abia (August 20), Akwa Ibom (August 21), Katsina (September 1), Osun (September 3), Abuja (September 6), and Kogi (September 8).
Insecurity: PMB Needs To Rejig Service Chiefs– Cleric
A Cleric with the Awaiting the Second Coming of Jesus Christ Gospel Church, Pastor Adewale Giwa has asked President Muhammudu...
AU-ECOSOCC, NYCN Task PMB On Economic Growth
The African Union Economic, Social and Cultural Council (AU-ECOSOCC) in collaboration with the National Youth Council of Nigeria (NYCN), have...
NAHCON Extends Deadline For Registration Of Intending Pilgrims
The National Hajj Commission of Nigeria has extended the deadline for registration of pilgrims to July 15 to enable the...
Gombe C’ttee To Recover Properties Stolen By Past Administration
The Committee on Recovery of Property belonging to the state government allegedly carted away by the immediate past administration of...
NGO To Carry Out Agricultural Infrastructure Mapping In Kebbi
Kebbi’s potential in food production especially rice production has attracted the attention of Farm and Infrastructure Foundation (FIF), an agricultural...
‘Enabling Environment ‘ll Spur Investment Inflow Into Nigeria’
The former commissioner for commerce and industry in Ogun State, Bimbo Ashiru, has called on the government to ensure an...
Port Harcourt Airport Reopens For Flight Operations
Less than 48 hours after Air Peace overshot Port Harcourt International Airport runway at the weekend, the airport has been...
COVER STORIES9 hours ago
Anti-graft Hammer Falls On Power Sector As Court Jails Ex-MD, 4 Others
NEWS11 hours ago
… Arrest Notorious Bandit, 20 Others In Katsina
NEWS16 hours ago
We Won’t Recognize Speaker Fraudulently Elected –Obasa
POLITICS16 hours ago
NBA’s Alarm Over Intimidated Judges Vindicates PDP Concerns – Secondus
NEWS11 hours ago
Tinubu Not Against Ambode’s Appointment As Minister – BOHM Boss
NEWS20 hours ago
Kidnapping: Forum Organises Prayer For Release Of District Head In Daura
Others15 hours ago
Sokoto Re-elected Tambuwal To Consolidate Development–Dr Dange
BUSINESS23 hours ago
NNPC Assures Support for Local Companies