Vice President Yemi Osinbajo, on Saturday 22nd September officially launched the Federal Government Trader Moni scheme in Imo state capital, Owerri. The launch which was done in the company of the executive Governor of the state, Governor Rochas Okorocha took place at the Relief market.
The fast-moving Trader Moni train which was initially launched in Mushin market, Lagos on the 7th of August has now covered 16 states of the country. These states are Lagos, Kano, Abia, Akwa Ibom, Osun, Katsina, Abuja, Kogi, Ondo, Calabar, Oyo, Ogun, Kaduna, Benin, Anambra, Delta, Zamfara and Imo.
The micro-credit scheme under the Government Enterprise and Empowerment Programme (GEEP) offers micro traders and artisans a progressive loan with a base loan of N10,000 eventually rising up to N100,000 after successive repayments. These loans are collateral and interest-free not necessarily requiring that the beneficiaries have a commercial bank account. However, traders are required to have commercial bank accounts as a criterion for the next level of loan. This makes Trader Moni a tool for poverty elevation, economic advancement, and higher financial inclusion.
The FG Trader Moni has since recorded numerous stories of hopes revived among the beneficiaries. Petty traders have praised the current administration for the initiative stating that this is the first administrative to remember micro trader. The FG under the President Buhari administration has also moved initiatives like the Market Moni targeted at Small and Medium Enterprises. The Trader Moni scheme has a plan to empower two million beneficiaries across the 36 states of the federation before the end of 2018.