FG announces kick off of N10,000 collateral free loans for traders
The Federal Government says it is set to kick off of Trader Moni, a scheme that offers N10,000 collateral free loans to petty traders in the first instance, and much more after repayment.
The scheme, according to Laolu Akande, spokesperson of Acting President Yemi Osinbajo, is targeted to reach 2 million beneficiaries across the country between now and end of the year.
“All together, the 2 million mark is expected to be attained on or before the end of this year, with petty traders in Lagos, Kano and Abia States set to be the first round of beneficiaries to draw the collateral free loans,” he said.
“In addition to the 30,000 loans per state, states with larger populations like Lagos and Kano are expected to get more than 30,000 loans. Across the country, especially in the pilot states about 500,000 potential beneficiaries have so far been enumerated.”
Akande dismissed reports that potential beneficiaries would have to present their Permanent Voter Cards to benefit from the scheme.
“FG is making no such requests. No one should be asked for their PVC as a prerequisite for this collateral free loans for no such criterion exists,” he said on Monday.
The N10,000 load would be repayable within a six-month period, and Akande said in the statement that beneficiaries can get access to a higher loan facilities ranging from N15,000 to N50,000 if they repay within the six-month loan term.
He said the scheme which kicked off in five markets in Lagos, Mushin, Ikotun, Agege, Ketu and Abule-Egba, has reached tens of thousands of beneficiaries in less than a week.
