By Yinka Kolawole
The Vice President, Prof. Yemi Osinbajo, has commended the faithfulness of beneficiaries of the TraderMoni and MarketMoni loan schemes in paying back their loans.
After an assessment visit to markets in Keffi and Masaka towns of Nasarawa State on Tuesday, Osinbajo said feedback from the field and testimonies from stakeholders indicate that the loan schemes are doing very well, and beneficiaries are indeed paying back.
He stated: “It is going very well, and I am excited to hear the testimonies of the traders who have done so well after getting their first loan. It is also exciting to see that they have repaid their loans very quickly, because as you pay back, you are able to get more; when you get N10, 000, and you pay back, you get N15, 000 and it gets to N20, 000, when you repay, all the way to N100, 000, and it is so exciting to see that these traders are doing so well.
“Everybody is keying in already, what we want to do is to expand it so that more traders can get this facility, so we need to do more because at the moment, we have done close to 2 million but we need to increase the number.”
According to the Vice President, over 28,000 petty traders have already received the Tradermoni loans while over 4000 have received Marketmoni loans.
Osinbajo reiterated that the target of the Federal Government is to expand the scheme to cover more traders and also increase the amount received to enable beneficiaries expand their businesses.
“We want to expand the TraderMoni and MarketMoni to include more people in every state, so we have only just started.
“So long as you continue to pay back you will continue to get more money. We want to make sure that every petty trader in the market has enough so that they themselves can even employ more people and pay their children’s school fees and also build their own houses. As I told you, we are going to expand the scheme so that more people can benefit.”
Tradermoni and Marketmoni are products under the Government Enterprise and Empowerment Programme (GEEP), a microcredit social intervention programme SIP) of the federal government. The schemes are non-collateralized and interest-free loan for petty traders and artisans to encourage them earn a living, create wealth and job opportunities for those in the rural and urban communities.