Vice President Yemi Osinbajo, has disclosed that as many as 10 million petty traders will be targeted for Trader Moni loans as part of the Federal Government’s second term Next Level agenda.
According to a press statement issued by Osinbajo’s spokesperson, Laolu Akande, today, the TraderMoni scheme and other GEEP micro-credit products are still very much in operation. He said that contrary to speculations in some quarters, the micro-credit schemes had not stopped, as 30,000 petty traders had received TraderMoni loans after elections.
Under the Trader Moni scheme, an initial N10,000 loan is given to petty traders and once they repay within six months, they can receive a new N15,000 loan and when they repay that they can get another N20,000 loan until they get as much as N100,000.
Akande disclosed that measures have been adopted to enhance repayments from traders, with some already moving to the second improved loans of N15, 000 after repaying the initial N10,000 loan to the government.