The scheme, which is part of the National Social Investment Programme, under Government Enterprise and Empowerment Programme (GEEP), according to Osinbajo, reinforces the Federal Government’s commitment to bridging the credit gap and empowering Nigerians at the grassroots.
The nation’s Vice President also expressed the federal government’s commitment to supporting businesses, especially small, medium-sized businesses and micro businesses, as a way of encouraging operators in those sectors.
“We recognise the hard work of traders who wake up every day and toil, in the markets, in their trades with a dream to become financially independent and secure a future for themselves and their children,” he stated.
He described the loan as progressive; since it would not only help traders to expand their businesses, but also change their levels, by making their lives prosperous.
“We will give them more as they begin to repay the N10,000. If they repay the N10,000, they will be given N15,000. And if that is repaid, they would be given N20,000. We are working with the banks to open accounts with BVNs for TraderMoni beneficiaries so that they can be financially included,” the Vice President stated.
Beneficiaries of TraderMoni have six months to repay the loan with flexible options of N85 daily or N430 weekly.
The Vice-President, who said no government in the history of the country had implemented such an economic-boosting programme, insisted that the scheme was an indication that the President Muhammadu Buhari-led government, under the All Progressives Congress (APC), was really interested in the welfare of the people.
Osinbajo also expressed the belief that TraderMoney would not only uplift Nigerians from shackles of poverty, but would also go a long way in discouraging corruption.
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