Trader Moni: hundreds of traders registered in Isolo market
By Damilola Kushimo
Since the launch of the federal government’s ‘Trader Moni’ initiative in Ojuwoye Market, Mushin, few weeks ago, hundreds of traders in Isolo Market, Isolo LCDA has joined the list of beneficiaries for the loan scheme.
The registration which began on Monday, 26 of August, 2018, in the market place has so far recorded hundreds of petty traders who are expected to benefit in the next phase of monetary disbursement at the completion of the registration exercise.
Trade Moni is a loan initiative of the federal government set up to provide financial support to petty traders and artisans with the motive of expanding their businesses.
At the official launching of the programme at Ojuwoye Market, two weeks ago, the Executive Director, Bank of Industry, Toying Adeniji, made it known that all areas would be reached to ensure that every trader gets equal chance of getting enlisted for the loan scheme.
She revealed that the loan scheme was launched nationwide in order to provide financial support in form of loan to two million underprivileged traders to expand their businesses regardless of their status or educational level.
Explaining further, she made it known that the programme was established to ensure traders of the grassroots which include pure water sellers, food vendors, okada riders among others have access to the loan for the purpose of enhancing their business without any form of collateral.
She said, “The goal of the scheme is to take financial inclusion down to the grassroots whereby pure water seller, bread seller, okada riders among others can access loan to expand their businesses without any collateral.”
She explained further that the initiative is mobile phone driven, “after your details have been captured by agent and sent to BoI system for validation, within 48 hours you will get cash notification in your mobile wallet account. You can either transfer the cash to your bank account or cash it out in any mobile money agent around.”
The loan which is between N10, 000 and N50,000 has the duration of six months for payback, according to Adeniji, who explained that a trader could, at the beginning, access N10,000 and pay back N10,250 to qualified for N15,000.
“Once you payback N15,375 you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. All these stages have duration of six months interval to pay back.
“If you wish, you can pay back before six month grace elapses and access bigger loan. To pay back, just enter some of the banks we have partnered with such as Fidelity, Wema Bank, GTBank, UBA, Heritage Bank, Stanbic Bank, Sterling Bank, Union Bank and Jaiz Bank. Tell them that you want to pay BOI-GEEP loan for PayDirect.”
One of registration agents, Mr. Wisdom made it known to Echonews that the week-long registration exercise in Isolo market has so far recorded hundreds of intending beneficiaries and the number is expected to increase before the stipulated duration elapsed on Friday, August 31, 2018.
He stated that other markets in the vicinity would be visited soon in order to give all and sundry the equal opportunity for the financial initiative.
A caterer, Mrs. Awe Mary, expressed her optimism and anticipation about the pending loan but made it known that the N10,000 which is the first loanable amount could only do little in enhancing her business, giving the hike in prices of materials.
However, she revealed intention of maximizing the loan and make judicious use of it.
“Believing the words of the registration agents, I am very sure the loan will be given to us soon, I’m anticipating for it. Although, the N10,000 which is the first available loan can never be enough to sustain any business especially mine (catering), I intend to maximize and spend it judiciously on my business and ensure it yields great profit.”