Market leaders in Kano State have lauded the introduction of town hall meetings for TraderMoni, a scheme by the Federal Government which grants soft loans to small business owners in the country.
Speaking recently at the inaugural TraderMoni town hall meeting in Taurani market, the Chief Operating Officer of Government Enterprise and Empowerment Programme (GEEP, Uzoma Nwagba, said that these meetings would provide an avenue for the beneficiaries to engage directly with the different stakeholders such as officials from the implementation partner, Bank of Industry(BoI); financial institutions and partner organisations from the private sector. Beneficiaries will also benefit from business advisory services to guide them in the utilisation of the funds for their businesses.
Nwagba added that the process of receiving cash out of the TraderMoni loans have been simplified and become more transparent through the printing of lists of approved applicants which is vetted by the market leaders.
Corroborating him, the Senior Special Assistant to the President on Social Investment Programmes, Ahmed Isma’eel, said that “the market leaders have been empowered to take ownership of the programme and ensure that the process runs smoothly. The names of TraderMoni beneficiaries approved for cash out are displayed openly in the market. So no longer will hardworking traders fall prey to unscrupulous and fake agents.”
He added that the with the introduction of the list, only the right people who have legitimate businesses and are operating in the market will receive the loans.
The Chairman of Taruani Market Traders, Mallam Sulaiman Jido, welcomed the development and pledged his support in cooperating with the officials to ensure the process is transparent. He said that he will also ensure that he and his team encourage the traders to avail themselves of the loan and keep up with their repayment obligations.
In his words: “We are happy with this programme from the Federal Government. I will encourage my people at Taruani market to quickly pay back the TraderMoni loan so they can receive additional money to keep growing their business. We appreciate the Office of the Vice President for bringing the TraderMoni officials to ensure that the money is collected by the real Taruani market traders. We really appreciate this effort of President Buhari’s government.”
Fatima Aliyu, a tailor based at Yankabba market, who attended the second TraderMoni townhall meeting which was held at Yankabba Junior Secondary School, confirmed that she received the alert on her phone about the TraderMoni loan and promised to use the funds to buy more materials to produce more handmade bags.
Described as Africa’s most impactful financial inclusion scheme in 2019 by the prestigious African Bankers Awards, TraderMoni is geared towards empowering micro-businesses across Nigeria through technology driven collateral-free and interest-free loans starting from N10,000 going up to N100,000. A key element in the President Muhammadu Buhari led administration’s Social Investment Programmes, TraderMoni alongside its predecessors, MarketMoni and FarmerMoni comprise the Government Enterprise and Empowerment Programme (GEEP), under the Office of Vice President, Prof Yemi Osinbajo.