The Federal Government of Nigeria has announced an upcoming revival of the TraderMoni scheme, aiming to offer substantial support to small business owners across the nation.
In a departure from previous phases, where entrepreneurs received N10,000, each beneficiary will now receive a more substantial N50,000 to fuel the growth of their enterprises.
Minister of Humanitarian Affairs, Dr. Beta Edu, confirmed the plan, stating, “For the first set, commencing in November, we’re selecting one prominent market per senatorial district, totaling 109 markets. We will actively engage traders within their shops in these markets. It’s a substantial N50,000 to bolster their businesses. We are not influenced by party affiliations or personal interests. We enroll them in the market, simultaneously creating a bank account for them during the enrolment, and the funds are directly transferred from the CBN account.”
Minister Betta emphasized that the TraderMoni relaunch is driven by a commitment to enhance the lives of Nigerians and is not politically motivated.
She explained, “Well, we don’t have elections right now. As we initiate the Renewed Hope GEEP Program, we are focused on governance, not politics. This is the essence of President Bola Ahmed Tinubu’s leadership.”
TraderMoni is a Government Enterprise and Empowerment Program (GEEP) Initiative designed to invigorate the Nigerian economy by providing access to finance for small-scale traders.
The program’s goal is to furnish small loans to business owners and artisans who typically face challenges obtaining credit from banks and traditional financial institutions.
TraderMoni, part of the Government Enterprise and Empowerment Program (GEEP), was launched under the National Social Investment Program by the Federal Government of Nigeria. Initiated in May 2016, GEEP provides zero-collateral soft loans to traders, artisans, and farmers, aiming to elevate their living standards through business expansion.
Alongside TraderMoni, the GEEP includes MarketMoni and FarmerMoni schemes, targeting market women and farmers respectively.
Administered by the Bank of Industry, the scheme employs management software to validate loan applications, ensuring swift disbursement to a mobile wallet account, accessible for withdrawal.
While TraderMoni has faced criticism from some quarters, alleging political motives, it offers a viable option for small business owners in Nigeria seeking financing to advance their enterprises.