Trader Moni: FG empowers 30,000 petty traders in Osun

Trader Moni: FG empowers 30,000 petty traders in Osun

Tuesday, September 4, 2018 12:59 pm

VP Osinbajo interacts with market traders, butchers and other beneficiaries of Trader Moni scheme.

The Federal Government has empowered 30,000 petty traders in Osun through the collateral free loans called “Trader Moni.”

Vice- President Yemi Osinbajo, who spoke in Iwo at the inauguration of the empowerment programme, said the initiative was part of measures aimed at reducing poverty at the grassroots.

He said that loans under the Government Enterprise and Empowerment Programme (GEEP) were designed to help traders expand their businesses through the provision of collateral free loans of N10,000 and repayable within six months.

The beneficiaries, he said, could also get access to another N15,000 after repaying the initial loan of N10,000 which they had been given.

According to him, no fewer than 4,000 enumeration agents had been engaged by the Bank of Industry (BoI) to identify the beneficiaries and monitor their businesses.

He commended the Bank of Industry for the synergy with the Federal Government and the efforts aimed at identifying the beneficiaries.

Osinbajo said that the APC-led administration was keen to ensure that traders at the grassroots were able to make their business triumph and also grow.

A director at BoI, Mrs Toyin Adeniji, urged the beneficiaries to ensure repayment of the loan, giving an assurance that this would enable them to get more financial facilities ranging between N15,000 and N50,000.

She commended the Federal Government for the initiative which she said was aimed at reducing poverty and creating jobs by making traders employers of labour.

One of the beneficiaries from Odo-Otin, Mrs Yemisi Agboola, expressed gratitude to the Federal Government for the support given to petty traders.

She promised to utilise the N10,000 given to her wisely in order to secure more more financial assistance.

Mrs Habibatu Babayemi from Obokun Local Government Area also thanked President Muhammadu Buhari for the initiative and called for more prayers for the APC-led administration.

Babayemi, who said she had already invested the money on her yam flour business, promised to repay the money within the stipulated period.

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