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).