What TraderMoni has done for us – Ben­e­fi­cia­ries

Weekly Trust - - News - Satur­day, Novem­ber 3, 2018 Vic­to­ria Onehi & Fran­cis Arinze Iloani Musa Isa ar­ranges yams in his shop at Utako mar­ket, Abuja Abubakar Zaki, one of the ben­e­fi­cia­ries of Trade­moni loan

Abubakar Zaki stood be­side his makeshift tomato shop at the Utako mar­ket, Abuja, beck­on­ing to prospec­tive buy­ers to pa­tro­n­ise him. When, one of our re­porters stopped over, his face beamed with smile, think­ing a cus­tomer had ar­rived.

But in­stead, he was jolted with a ques­tion af­ter ini­tial greet­ings; “Did you get Tradermoni amount from gov­ern­ment?”

His re­sponse was sharp. “I got the petty Tradermoni. I used it to buy more toma­toes and pep­per which I am sell­ing. This one they gave me has helped me very well. But if they give me some­thing like N50,000 my shop will be very big. This one they gave is not enough but I will man­age it. I hope to pay back but I don’t know how to pay back yet,” Zaki said.

Be­side Zaki’s shop was Isa Musa who had yam and onions dis­played for sale. Musa said he also got the N10, 000 be­ing dis­bursed by the fed­eral gov­ern­ment un­der the Tradermoni credit scheme.

“I thank God I got the N10,000. I used it to buy more things for my busi­ness. I want an­other one again, any amount they can give me, I would like it. How­ever, many peo­ple did not get it and I want more peo­ple to get it since they say it is to help small traders like us,” Musa said.

Sal­isu Shehu, one of the petty traders at the mar­ket, said he regis­tered to get the money but had not re­ceived the alert yet.

“I want the gov­ern­ment to give me the money too,” he said.

A meat seller at Nyanya Mar­ket, Mal­lam Sal­isu Ibrahim, said he also regis­tered for the scheme but was yet to get the money.

He said the N10, 000 would likely have lit­tle im­pact con­sid­er­ing that the naira has low pur­chas­ing power.

He added that the amount would be barely enough to buy a goat, let alone a cow to be slaugh­tered for sale. How­ever, he said the money would go a long way in as­sist­ing him to in­crease the quan­tity of meat he sells ev­ery day.

On re­pay­ment, he said ev­ery trader who is se­ri­ous with his busi­ness would not have prob­lem re­pay­ing.

A food­stuff seller, Grace Olofu, told Daily Trust that the money would help her buy more goods to sell.

She said some­times she bought her goods on credit but with the loan, she would be able to pay cash, at least for goods not more than N10,000.

“I will be sav­ing money ev­ery day in a dif­fer­ent place to pay­back. You know it is gov­ern­ment money, if you don’t pay back they will come and ar­rest you. I don’t want that,” she said.

The fed­eral gov­ern­ment re­cently launched the mi­cro credit scheme for Mi­cro, Small and Medium En­ter­prises (MSME) in the coun­try as part of ef­forts to rein­vig­o­rate the econ­omy.

Launch­ing the pro­gramme at the Utako Mar­ket in Abuja, Vice Pres­i­dent Yemi Os­in­bajo said the pro­gramme tar­gets two mil­lion petty traders na­tion­wide for an in­ter­est­free N10, 000 for each trader with re­pay­ment ten­ure of three to six months.

He said upon re­pay­ment, traders could get ad­di­tional loans of N15, 000 to N20, 000 each as the loan is given at an in­cre­men­tal pace.

He said the tar­gets are only petty traders and not big shop and busi­ness own­ers and em­power the peo­ple.

Speak­ing at the Nyanya Mar­ket, the Bank of In­dus­try’s (BOI) Ex­ec­u­tive Di­rec­tor in charge of Mi­cro, Small and Medium En­ter­prises (MSMEs), Toyin Adeniyi, said N20 bil­lion would be dis­bursed to petty traders across the states and the Fed­eral Cap­i­tal Ter­ri­tory.

Adeniyi said the bank tar­gets at least 30, 000 traders in each state of the fed­er­a­tion for the N10, 000 loan.

“What we are do­ing here to­day is to come and cre­ate mar­ket aware­ness, to share with them the fea­tures of the pro­gramme and to en­cour­age them to em­brace the loan and teach them the modal­i­ties of how to pay back. If they pay pack, they get an­other loan,” she said.

She said the pos­si­bil­ity of the traders not re­pay­ing the loans was low as traders in mar­kets mean busi­ness.

“These are petty traders. They are do­ing these busi­nesses for sur­vival. If you look around you, peo­ple are here for their daily sur­vival. It’s not lux­ury for them. I feel the ques­tion of if they will pay back is not some­thing to worry about,” she said.

She said the gov­ern­ment was al­ready re­ceiv­ing tes­ti­mo­ni­als on the loans and it is a suc­cess story.

“It has helped them to ex­pand the value of the prod­ucts on their ta­ble top. For some peo­ple, in­stead of buy­ing prod­ucts on credit, they now pay cash,” she said.

She said the scheme is not a BOI pro­ject, but that of the fed­eral gov­ern­ment only be­ing ex­e­cuted by the bank.

“We are only here to su­per­vise, af­ter this phase, we will go ahead to ask ben­e­fi­cia­ries to open ac­counts with the banks, and get their PVCs be­fore we start fur­ther dis­burse­ment,” she said.

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