The Vice President, Prof. Yemi Osinbajo, yesterday in Iwo, Osun State, launched ‘ Trader Moni ’, saying no government in the history of the country had outperformed President Mohammadu Buhari in boosting the economy.
Prof Osinbajo said the programme was part of the federal government social intervention aimed at funding micro business in the country.
Osinbajo said: “ Trader Moni 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 N10,000 and refund within six months then you are qualified to collect N15,000. If you pay back the sum of N15,000 you are qualified to get N20,000.”
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, but said 10,000 would be captured in the first phase.
Mrs Adeniji said: “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. Infact, many people have started receiving the alert.”
“Under ‘ Trader Moni ’ traders don’t need any document or property to collect N10, 000 loan from the Federal Government.”