The TraderMoni and MarketMoni enumeration and disbursement took place at the Modern market and Wurukum market, in Makurdi, Benue State. The second phase of the TraderMoni loan programme for petty traders and artisans has been in progress across the country. The activity which took place between the 18th – 20th of April 2019 is proof that Social intervention Programme of the Government is indeed an impact driven initiative. The compliance rate of most beneficiaries to the repayment plan has been high. Within these three days, thousands of petty traders and artisans in the state were enumerated for TraderMoni and MarketMoni loans and the next tranche of the interest-free TraderMoni loan was immediately followed by the disbursement of N15,000 each to the beneficiaries.
Research shows that the availability of microcredit facilities is one key step to boosting economies of developing countries like Nigeria. The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) put the number of MSMEs in Nigeria at 27 million, employing 58 million persons contributing over 70% of the active labor force. The enormity of this economic demography makes it highly dangerous for it to be under-funded or impaired. TraderMoni is dual purpose: an economic intervention to drive economic advancement at the grassroots, as well as a social impact project. The implication of this is that TraderMoni is set to improve the nation’s economy. TraderMoni has also improved the daily living condition of these two million homes.
TraderMoni Impact Stories
Mrs Agbo Mnenna Mercy shares her testimony of how TraderMoni changed her level from trading with a basin of corn to trading bags of corn. The first N10,000 interest free loan had a huge impact in her business, and now the next N15,000 is going to be a major boost.
Anyor Doshima is a petty trader in Wurunkum market, Benue State.
In her words “TraderMoni na the best thing wey don happen for Nigeria since my mama born me”. The initial loan changed her level by increasing her chickens from 50 to 70 and the second 15k interest free loan is definitely going to do better.
Repayment wasn’t a hassle as she could complete her payment comfortably using the repayment scratch card.
Easy Repayment Processes
With the high repayment rate recorded and the increase in the number of beneficiaries who have received the next N15,000, even post general elections, TraderMoni has in itself cleared the claims of it being a political tool. Also, the success and sustainability of the programme is clear to all as close to two million petty traders and artisans have had their businesses improved by this microcredit facility.
To make repayment easier and faster, The Bank of Industry has designed convenient means for repayment of the loans. Apart from the ability to repay these loans in almost every commercial bank, the BOI recently launched the repayment scratch card which brings the beneficiaries just a dial away from repaying their loans.
Understanding the impact of this interest-free loan on petty traders in Nigeria is what has made the Initiative globally recognized.