Traders get collateral free loan in Lagos with FG's TraderMoni - Business

Traders get collateral free loan in Lagos with FG’s TraderMoni – Business

Vice President Yemi Osinbajo has launched TraderMoni, a scheme initiated by the federal government with N10,000 interest-free loans in Lagos markets.

In the company of the governor of Lagos State, Akinwunmi Ambode, the APC Lagos governorship candidate, Babajide Sanwo-Olu, Toyin Adeniji, the executive director, Bank of Industry and other dignitaries, Osinbajo launched the programme with fanfare on Tuesday at the three markets – Oyingbo, Makoko and Obalende.

The traders expressed excitement over the collateral free loan despite criticism from the opposition party, Peoples Democratic Party, PDP.

Owolabi Adio, a food seller at Obalende Market told Business Insider by Pulse that he was surprised to see the credit alert.

He said he never believed in the scheme at first because government projects are usually implemented in a pre-conceived manner until that moment when the lies became truth.

I was a doubting Thomas throughout the process until I got the money. I am so excited that I will tell everyone I come in contact with. I thank the government and hope this helps me further in my business,” he said.


Traders at Oyingbo Market being attended to by the activation agents during the inauguration of TraderMoni across three makets in Lagos on Tuesday



Tope Owoyemi, a petty trader at Oyingbo Market, was full of praises on Tuesday when she finally received a credit alert of N10,000 on her mobile phone. She said she had looked forward to the scheme when a friend informed her some months ago of the credit loan scheme going across the states of Nigeria.

I deal with children wears at Oyingbo market here and God knows I am seriously in need of financial intervention. This I have tried on my own through thrift contribution just to expand my business. I will use this money for the growth of my business and hope to pay back in four months to enable me to access the 15,000 and 20,000.

FG targets 2 million traders in TraderMoni scheme by December

On Monday, Osinbajo visited Ile Epo, Igando and Ikotun market to launch programme. The government said it is targeting 2 million traders by December 2018.

Weeks ago, Senate minority leader, Senator Biodun Olujimi, PDP/Ekiti South in a motion during the plenary called the attention of the lawmakers on an alleged deployment of funds under the social intervention programme to buy Permanent Voters Cards (PVC) to promote President Muhammadu Buhari’s presidential election. The allegation the government described as a direct “confrontation” with the millions of Nigerians benefitting from all the initiatives.

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