In a strong and meaningful application for further expansion of its agenda for the inclusion of funds for all Nigerians, regardless of social class and economic status, the Bukhari administration launched a new initiative under the State Enterprise and Empowerment (GEO) Program, "Trader Moni," which will enable two million small traders between the end of the year and the end of the year.
The scheme, which was launched last week in Lagos, will provide a minimum of 30,000 loans in each state of the federation and federal metropolitan area.
Together, it is expected that two million marks will be reached before the end of this year, and small traders in the states of Lagos, Cano and Abia should become the first round of beneficiaries to attract collateral loans.
In addition to 30,000 loans per state, states with larger population groups, such as Lagos and Kano, must receive more than 30,000 loans. Throughout the country, especially in the pilot states, about 500,000 potential beneficiaries are still listed.
To identify beneficiaries, the Bank of the industry has attracted at least 4,000 census agents who are implementing the new scheme.
Trader Moni is designed to help small traders expand their trading by providing free loans worth N10,000. Loans are repayable within six months.
Under this scheme, beneficiaries can access a higher object ranging from N15,000 to N50,000 when they return N10,000 for a specified period of time.
The goal of the Bukhari administration is to use Trader Moni for financial participation right up to the lower level, the bottom of the stairs, considering the contribution of small traders to economic development. The federal government is also aware that many small traders do not have what commercial banks are required to provide loans.
This administration seeks to ensure that such traders at this level can build their business and grow.
Moni Trader was launched last Tuesday in five markets in the state of Lagos with tens of thousands of beneficiaries.
The markets of Lagos have already reached the markets of Mushin, Ikotun, Agege, Ketu and Abule Egba.
The scheme will soon be sent to other states in the country, and Abia and Kano will follow in the queue.
The beneficiaries are already praising the administration of Bukhari for this initiative, which will improve their business.
A trainer in one of the markets of Lagos, Anna Enverm, thanked President Bukhari for the initiatives. "I'm selling clothes. This N10,000 would do a lot for me and my children. I really like this program. I will pay the loan up to six months. Before I could not believe it, but now that I've got my money, I believe.
Similarly, the market leader for women in Lagos, Mufiat Adewumi, said that this will help ordinary Nigerians who can not access the credit facilities of commercial banks because they do not have collateral: "We are very pleased that we have Trader Moni, because this is something, waiting for a long time, so that the government would help the masses, especially the merchants. We are so grateful to the federal government. "