The Federal Government has chosen Lagos, Kano and Abia State for the pilot phase of the federal government sponsored scheme TraderMoni.
This development was made know by the Senior Special Assistance on Media and Publicity to the Acting President, Laolu Akande, while briefing State House correspondents on Monday in Abuja.
The scheme by the Federal government, which is out to provide nob-collateral loan to about two millions petty traders, will start before the end of the year.
The VP’s aide stated that the initiative was part of the National Social Investments Programmes (NSIP) of President Muhammadu Buhari’s administration.
He said that the gesture was part of Federal Government’s efforts to further enlarge its financial inclusion agenda for all Nigerians regardless of social class and economic status.
Akande stated further that a minimum of 30,000 loans will be leaving in each state of the federation and the Federal Capital Territory (FCT).
“The presidency had announced a major policy under the NSIP to address the needs of petty traders who have not been captured in some the previous micro-credit schemes that we have.
“We started a scheme last week where petty traders will get N10,000 and when they repay it within six months, they get N15, 000.
“Between now and the end of the year, we would have reached at least two million of such petty traders across the country. The plan is to have a minimum of 30,000 beneficiaries in each of the states.
“There are agents that will be going to major markets across the country, we are starting with Lagos, Kano and Abia where most of the already enumerated 500,000 have been identified.
“Certainly, big states like Lagos and Kano will get more than that,’’ he said.
He said that once the enumeration and verification were done in the market, the petty traders would get initial N10,000.
Akande added that the loans like most of the social investment programmes, would go directly to the beneficiaries as there would be no third parties involved.
The special assistant said that the gesture to petty traders was part of ongoing commitment of Buhari’s administration to the plight of the common man.