The Vice President, Yemi Osinbajo has launched the collateral free loan scheme for petty traders known as TraderMoni in ilorin, the kwara state capital.
According to the vice President, TraderMoni, which is part of the Federal Government’s Social Investment Programme, is designed to assist petty traders across the country, through the provision of collateral and interest-free loans. The loans which are to be made available to two million Nigerians are repayable over a period of six months.
While reacting to the claimed by the opposition party that the initiative is political, osinbajo explained the programmed was unnecessarily delayed by the Senate which prolonged the suffering of the traders up till the date it kick started.
Under the scheme, beneficiaries can get access to loans ranging from ten thousand naira to fifteen thousand naira and up to one hundred thousand naira after repayment of the first N10,000 within the stipulated time.
Meanwhile, the chairperson of market women association in Mandate Ultra modern market, Adewole, Alhaja popularly called iya-loja, Afusat has denied report that she instructed market women not to collect the loan.