* Tradermoni and Marketmoni on in Anambra
Federal government on Friday launched second phase of the market activations in Anambra state at two popular markets, Ochanja Market in Onitsha and Eke Market in Awka.
Vice President Yemi Osinbajo at the Flagg-Off of the second phase programme in Onitsha reassured Nigerians of Federal Government determination to eradicate poverty with the initiative targeted at petty and small scale traders in the country.
He said that the Muhammadu Buhari led administration remained committed to lifting more Nigerians out of poverty.
“More than ever, the GEEP products will do just that, through new activations of MarketMoni and
TraderMoni loans across the country as well as NextLevel payments for beneficiaries who have repaid.
Osinbajo promised that the programme would be sustained so long this administration remains in power.
“This is to sustain government continued efforts to meet the primary objective of “broadening financial inclusion, and increasing access to affordable credit for traders and small business owners,” he affirmed.
He said he impressed with the implementation of the programme in Anambra state with over 20, 000 beneficiaries so far from the anchored Bank of Industry (BoI) support since 2017.
He said it is a revolving loan which graduates from N10, 000 to N100, 000 which beneficiaries pay back within six months.
The Vice President said that after Anambra, the Phase Two Next Level train will move to Kano state at a date and at markets to be announced.
Executive director Micro enterprises, Bank of Inducstry, Mrs Toyin Adeniji said the BoI GEEP team woukd meet beneficiaries, get better insights into how the loans have impacted their businesses and also assess how the next round of loans will make better business impact on beneficiaries’ businesses.
She the second phase would target at least 2,000 new TraderMoni and MarketMoni beneficiaries.
“This is in addition to the over 30,000 TraderMoni and 4,000 plus MarketMoni beneficiaries that received the GEEP loans in the
first phase, between 2017 and 2018.
“Prior to this official market activation, 200 new MarketMoni beneficiaries have been recorded in the state.
“The second phase will also target traders for the N15,000 Next Level TraderMoni loans for traders who have repaid the first N10,000 loan,” she said.
Adeniji said in the phase one of loan disbursements in the state, foodstuff sellers, and petty market road side traders
were the largest beneficiaries of the loan scheme.
“The bank is doing all it can through stakeholder
engagement—state government, local government, market leaders in the state—to educate beneficiaries on the incentives and methods of loan repayment.
While loans are currently being repaid through banks, the BoI team continues to work on increasing the ease of repayment for traders.
This led to the development and launch of the TraderMoni and MarketMoni repayment scratch cards.
Adeniji said the vouchers were available in various markets in the state, and traders can load them the same way they load telco