SOME traders at the Abubakar Gumi Central Market Kaduna at the weekend commended the federal government for provision of collateral free loan tagged TraderMoni to boost their businesses.
They told Vice President Yemi Osinbajo, who was in the state to launch the scheme in the company of Governor Nasir El-rufai and other dignitaries the initiative, was well-conceived.
Osinbajo said when the traders repay the collateral free loan of N10, 000, they qualify for higher sums of N15,000, N20,000, N50,000 and N100,000.
He said the loan was meant to empower them to expand their businesses and trade.
One of the beneficiaries, Mrs. Esther Onne, who was full of praises for the current administration, said the money will go a long way to drive her food stuffs market.
She said: “I really appreciate our Vice President for promoting this initiative.
“I have heard about the success of the scheme in other parts of the country but I thought it will be politicised but to my surprise it was a very fair process. I have received the money and I immediately invest it on my business.”
Jafar Abubakar, a trader in ginger and garlic, admitted his initial scepticism about TraderMoni but had a change of mind when he was registered.
He noted with the delight that the process was very easy and did not require him to provide any documents or qualifications.
He said the money will be used in expanding his business. “I will use the N10, 000 to buy more ginger and garlic which will help me sell more. I am grateful to the Federal Government and I will repay the loan.”
Mrs. Grace Adewole, a seller of kitchen utensils, was full of praises for the government for the timely intervention.
According to her, she only registered for the scheme after seeing her neighbour in the market receive her cash disbursement of N10, 000.
“I currently sell the plastic spoons used for eating but with this money, I’ll invest in buying serving spoons which has a higher profit,” she stated excitedly.
When asked if she would repay the collateral free loan within the allotted six months, she said, “I hope to repay the loan in two months to enable me qualify for the higher amount of N15,000 all the way to N100,000. I really want to thank the Federal Government; they did well.”
TraderMoni has been launched across different states aims to empower 2 million micro businesses with a minimum of 30,000 loans earmarked for each state and the Federal Capital Territory before the end of 2018.