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Tag: TraderMoni.

  • No form required for TraderMoni, says Osinbajo

    Petty traders are not required to fill any form to benefit from the TraderMoni Scheme, Vice President Yemi Osinbajo said yesterday.

    Warning traders not to give in to fraudsters while featuring on a question and answer session aired yesterday by Wazobia FM, 95.1, in Lagos, Osibnajo spoke after activating the scheme at at Obalende, Makoko and Oyingbo markets in Lagos.

    TraderMoni is a Federal Government initiative which is providing about two million petty traders across the country with collateral-free loans before the end of the year.

    The vice president, who spoke in Pidgin English said anybody carrying forms for TraderMoni was a fraudster.

    “No form dey for TraderMoni, we no dey give anybody form to fill at all, the people wey get TraderMoni, many of them no fit fill form at all, so we no dey give anybody form.

    “The way we do it be say, enumerator -like person we dey do census go market, go all the places where we get all these traders outside market –the roads wey dey lead to market.

    “Him go see wetin dem dey sell, e go take your photo, the thing wey you dey sell, your name, put everything down on his own tablet, na for phone dem go contact you.

    “The first alert wey you go get na for phone, anybody wey don get TraderMoni na for phone e dey get am, anybody wey carry form come say this one na for TraderMoni, na lie, that one na 419.

    “Everything is electronic, you get alert, you go cash your money,’’ he said.

    Osinbajo said by next month, two million petty traders would have benefitted from the scheme which has covered more than 1.3 million petty traders nationwide.

  • Calls for suspension of TraderMoni deceitful, says Presidency

    The Presidency has said that calls for the suspension of the TraderMoni, one the Social Investment Programmes of the Buhari administration is a direct confrontation with millions of Nigerians benefiting from programme and several others.
    The Vice President’s spokesperson, Laolu Akande said in a statement in Abuja that the call by some individuals under the auspices of the Southern and Middle Belt Leaders Forum was deceitful and a disservice to the over two million Nigerians who will benefit from the loan.
    Akande, who was reacting to news report credited to the group, said “It is deceitful for anyone or group to accuse the Vice President Yemi Osinbajo, SAN, of advance vote-buying through TraderMoni, a micro-credit scheme designed to assist the bottom of the pyramid petty traders nationwide. This was the false claim contained in a communiqué jointly signed by the leadership of a group called Southern and Middle Belt Leaders Forum recently.
    “We do not think the Nigerian people are up for sale, nor can they be bought. Such suggestions are an insult on our collective identity. And calling for the suspension of a scheme that improves the businesses of ordinary, hardworking Nigerians, like petty traders, is not only unfair, but an attack on the common man.
    “The Social Investment programme of the Buhari administration started in 2016, and the TraderMoni scheme is a part. So, it is false to even insinuate that the scheme was meant for advance vote-buying when it was conceived two years ago.
    “TraderMoni, which is part of the Government Enterprise and Empowerment Programme (GEEP) under the SIPs, is designed to assist petty traders across the country expand their trade through the provision of collateral- and interest-free loans from N10,000. The loans are repayable over a period of six months.
    “Also, it would seem naysayers cannot withstand the fact that this administration is fulfilling its promise. Would they rather share the funds among themselves instead of supporting petty traders? Afterall, in some few instances, a combined sum of N100 Billion was shared under the former administration.
    ” If that N100 Billion had been given to petty traders as loans, like the Buhari administration is doing now at N10,000; 10 million petty traders nationwide would have been beneficiaries.
    “We will not choose to engage with the notion that Nigerians and their loyalty are for sale. This administration has proven over and over again that it is committed to the welfare of everyday Nigerians, the common man. That is why we started the largest Social Investment Programme in the history of our country. And we will not relent in staying connected with our people.
    “This is a major reason why TraderMoni, which has since been formally launched in 33 states and the FCT, will continue nationwide as we intend to reach 2 million Nigerians by the end of the year. Over 809,000 Nigerians are currently beneficiaries of the microcredit scheme.
    “Despite this being a season of upcoming elections and desperate politicians resorting to desperate measures, it is irresponsible for any group to play politics with the welfare of ordinary Nigerians – hardworking petty traders, who are simply making honest living and trying to support their families – and a microcredit scheme which is meant to help improve their businesses and means of livelihood.
    “Besides the fact that petty traders are major contributors to the informal economy, most of them do not have access to loans from commercial banks which require collateral or interest, which would help them grow their business, and so the country’s economy.
    “Again, through TraderMoni, the Buhari administration is empowering ordinary Nigerians by improving financial inclusion in the grassroots.”
    Akande said that beneficiaries of TraderMoni are not required to show their Personal Voters Cards (PVCs) or any document to qualify for the interest-free loans. This is why the enumeration is done in the open markets and wherever the traders ply their trade.
    “The Social Investment Programme includes the Home Grown School Feeding Programme (HGSFP); Conditional Cash Transfer (CCT); Government Enterprise and Empowerment Programme (GEEP) (MarketMoni, FarmerMoni & TraderMoni) and the N-Power job scheme
    “The Home-Grown School Feeding programme is now feeding over 9 million primary school pupils a free meal a day in 26 states nationwide; while almost 300,000 Nigerians are beneficiaries of the Conditional Cash Transfer.
    “So far, over one million Nigerians are beneficiaries of GEEP schemes – MarketMoni, FarmerMoni and TraderMoni, while 500,000 young Nigerian graduates have been employed under the N-Power job scheme.
    “Thus, we urge the group to halt its needless attack on the largest and most ambitious social investment programme in Nigeria’s history, and rather join hands to help our people.
    “The Buhari administration remains committed to the welfare and upliftment of the common man and all Nigerians, regardless of party affiliations, and the Social Investment Programme is one of the major planks of this administration to improve their livelihood.”

  • Two million to get Tradermoni by Dec.

    It  was an unusual spectacle — full of excitment and drama.

    Vice President Yemi Osinbajo lands in a Lagos market, flanked by Governor Akinwunmi Ambode and All Progressives Congress (APC) candidate Babajide Sanwo-Olu.

    Many were screaming and hailing the VIPs, who shook hands with the ordinary folks. Cameras were flashing.

    It was all for Tradermoni from which no fewer than two million traders will have benefited by next month.

    The interest-free and no-collateral loan was extended to three more markets in Lagos State as Prof. Osinbajo, Ambode and Sanwo-Olu monitored the scheme.

    They visited Ketu, Bariga and Oshodi markets.

    In an interview with reporters after the visit to the markets, the Senior Special Assistant to the Vice President on Media, Mr Laolu Akande, said: “The visit of the Vice-President to Lagos was to see the impact of the scheme and interact with the traders in the markets, and he assured them that the fund will be increased to capture more people.

    “Our plan is that between now and December, we would have captured the two million traders.

    “Already, we have handed the fund to 800, 000. We have enumerated all the two million and we know who they are.

    “That does not mean that this is the end of the programme. Our plan is to achieve the two million before the end of the year and add more people to subsequent tranches,” he said.

    Akande said the initiative, launched under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BOI), had assisted 1.1 million Nigerians.

    Read also: Photos: Osinbajo, Ambode, Sanwo-Olu bring ‘Tradermoni’ to Lagos

    According to him, over 1.1 million Nigerians — market women, traders, artisans, farmers —are currently beneficiaries of GEEP, which comprises FarmerMoni, MarketMoni and TraderMoni.

    “There are over 809,000 beneficiaries under TraderMoni while the rest are beneficiaries of FarmerMoni loans and MarketMoni for farmers and Small and Medium Enterprises (SMEs) in the country.”

    Executive Director BOI, Mrs Toyin Adeniji, urged beneficiaries to refund the loan within six months.

    “It is not a national cake. The fund is targeted at empowering the traders.

    “We expect that if they pay back, they are not only helping themselves but also the community,” she said.

    The scheme is to make two million petty traders receive N10, 000 and on repayment of their loan, receive 15, 000.

    On repaying the N15,000, they get N20,000, until they are able to get up to N50,000 loans.

  • FG launch TraderMoni in three additional markets in Lagos

    Federal Government of Nigeria yesterday launched the special enterprise and empowerment programme otherwise known as TraderMoni in three additional markets in Lagos, namely Ketu, Bariga and Oshodi markets.

    FG also assured that the scheme would be extended to two million beneficiaries across the country by next month.

    The TraderMoni scheme, which is a collateral and interest-free loan for petty traders, had earlier been launched in some markets in Lagos, while three additional markets in the State – Ketu, Bariga and Oshodi were added to the scheme by Vice President, Professor Yemi Osinbajo (SAN), accompanied by Lagos State Governor, Mr Akinwunmi Ambode and the All Progressives Congress (APC) Governorship candidate in the State, Mr Babajide Sanwo-Olu.

    The trio, while inspecting implementation of the scheme, took time to interact with petty traders in the markets, assuring that government would continue to come up with innovative initiatives to benefit the critical mass of the population.  

    Giving details, Senior Special Assistant to the Vice President on Media and Publicity, Mr Laolu Akande, said close to 800,000 petty traders had so far benefited from the scheme, adding that the programme had been structured for traders to borrow up to N50,000 and repay back seamlessly.

    “The TraderMoni scheme is part of the socio-investment programme of the President Muhammadu Buhari administration and the plan is to ensure that between September and December this year, two million petty traders receive the first payment of N10,000. Once they are able to return it within six months, they get additional N15,000 and when they return that, they get another N20,000 until they get as much as N50,000.

    “The whole idea is that the President wants to ensure that traders that are at the bottom of the ladder; people whose wares and businesses are just about N3000, N5000 and so on; people who normally don’t get any kind of financial assistance; people that the banks do not give any kind of credit because they have no collateral are not left out in what they are doing in our micro credit scheme.

    “This was what informed the TraderMoni Programme and today, it has gone to several states and the Vice President is in Lagos today to see what is happening in three additional markets. The VP is here to see what is happening and to interact with the traders, as well as to assure all Nigerians as a matter of fact that this is going to go round,” Akande said.

    He added that at the end of the first batch, the government would take it further to ensure that more traders benefit from the scheme.

     “In the first batch of the scheme, we will be doing two million traders and after that, we will even take it further. Between now and December, we would have given to two million petty traders. Already, we have close to 800,000 petty traders out of the two million. We have enumerated all the two million traders and so we know who they are and so it is a question of time,” he said.

  • Photos: Osinbajo, Ambode, Sanwo-Olu bring ‘Tradermoni’ to Lagos

    The Federal Government on Monday launched the special enterprise and empowerment programme,TraderMoni in three additional markets in Lagos.

    The markets are Ketu, Bariga and Oshodi.

    The scheme is a collateral and interest-free loan for traders.

    Vice President, Prof. Yemi Osinbajo (2nd right); Lagos State Governor, Mr. Akinwunmi Ambode (2nd left); APC Governorship Candidate, Mr. Babajide Sanwo-Olu (right) and Executive Director, Micro Enterprises Bank of Industry, Mrs. Toyin Adeniji (left) during the launch of the TraderMoni Scheme in Ketu, Bariga and Oshodi Markets in Lagos, on Monday

     

    Vice President, Prof. Yemi Osinbajo (middle); Lagos State Governor, Mr. Akinwunmi Ambode (left) and APC Governorship Candidate, Mr. Babajide Sanwo-Olu (right) interacting with Traders during the launch of the TraderMoni Scheme in Ketu, Bariga and Oshodi Markets in Lagos, on Monday.
    Vice President, Prof. Yemi Osinbajo (2nd right); Lagos State Governor, Mr. Akinwunmi Ambode (2nd left); APC Governorship Candidate, Mr. Babajide Sanwo-Olu (right) and Executive Director, Micro Enterprises Bank of Industry, Mrs. Toyin Adeniji (left) during the launch of the TraderMoni Scheme in Ketu, Bariga and Oshodi Markets in Lagos, on Monday.
    Vice President, Prof. Yemi Osinbajo (2nd right); Lagos State Governor, Mr. Akinwunmi Ambode (2nd left); APC Governorship Candidate, Mr. Babajide Sanwo-Olu (right) and Executive Director, Micro Enterprises Bank of Industry, Mrs. Toyin Adeniji (left) during the launch of the TraderMoni Scheme in Ketu, Bariga and Oshodi Markets in Lagos, on Monday

     

     

     

     

     

  • We need creative ways of tackling poverty-Osinbajo

    The Vice President, Professor Yemi Osinbajo, says the Federal Government is focusing on more creative ways of getting Nigerians out of poverty and also improve the country’s Human Capital Development indices.

    Osinbajo made this known while chairing a meeting of the National Economic Council (NEC ), Steering Committee on Human Capital Development on Wednesday at the Presidential Villa, Abuja.

    He said that the Federal Government was committed to lifting Nigerians out of poverty as a crucial agenda towards attaining intended development outcomes.

    “Poverty as we know is both a cause and consequence of some of what we are looking at in our human capital development deficit.

    “Really, I think we need to focus a lot more on some of the more creative ways of getting our people out of poverty.

    “ And of course, we have some social investment programs, we are looking at some of the examples of what India did, some have been tried and tested in such huge populations.

    “I think there is a need for us to sensitize our people to why we need to get a large segment of our people out of poverty. Recently, we have been launching the TraderMoni scheme, which is basically giving credits to petty traders across the country in the markets and all that.

    “We must do even more in terms of giving credits and whatever assistance and support to people.

    “Obviously, the more money people have, the better it is for them, so they can apply their little resources to some of what we are expected to do to improve human capital development,” he said.

    Osinbajo harped on the importance of improving data collection at all levels so as to ensure effective tracking of Human Capital Development outcome areas in the states.

    On his part, Aliko Dangote, President, Dangote Group, told State House correspondents that the Dangote Foundation was committing 50 million dollars to the fight against malnutrition in Nigeria.

    Dangote said that the foundation was focused on three major areas-health, education and empowerment.

    Read Also: Group demands Oshiomole’s resignation, Buhari to call Osinbajo to order

    “I think we really need to wake up and meet most of our development goals, in education, in health, and also in empowerment.

    “One of the things that we are doing is to make sure that we tackle malnutrition.

    “The Dangote Foundation has announced a decision to spend 50 million dollars so that we can fight malnutrition in most of the states that are affected, which we have started rolling out,” he said.

    He said that the foundation joined the committee to make sure that targets were set and met.

    On his part, Minister of Health, Professor Isaac Adewole, said that the committee was the working group that had been meeting to look at the impact of government intervention programs in economy, education, health, among others.

    “The issue of Human Capital Development is a measure of how we care for our citizens; and so, this is like bringing everybody to the table at the highest level.

    “We have the governors, and there is a renewed commitment even at the states because we cannot go far except the states are really on the table.

    “There is enough Federal Government commitment; enough of Federal Government involvement, but we need to bring the states on board,’’ he said.

    Speaking, Kaduna State Governor, Malam Nasir El-Rufai, said that the committee received a presentation on the framework for further investments in the key areas of health, education, social inclusion as well as empowerment.

    “We had a very good meeting and we hope that the outcome of the meeting and the work of the core working group will bring out very clear plans and strategies to invest more in education, healthcare, nutrition, empowerment, gender inclusion, as well as job creation for our young people,’’ he said.

    The meeting was also attended by the  Minister of Finance, Zainab Ahmed, Minister of Labour and Employment, Dr Chris Ngige and the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, .

    There were also representations from development partners- World Bank, DFID and the Bill and Melinda Gates Foundation.

  • Osinbajo promises more fund for TraderMoni

    VICE President Yemi Osinbajo has assured the Federal Government will commit more fund to the TraderMoni as the beneficiaries begin to pay back the loan.

    He spoke at the Gbagi Market, Ibadan in Oyo State at the weekend where 27,000 petty traders and artisans benefitted from the scheme.

    The collateral-free loan targets 30,000 petty traders and artisans in Oyo State with each entitled to N10, 000.

    Osinbajo said the Federal Government recognised the genuine contribution of petty traders to aid the nation’s economy, stressing the loan was a progressive scheme which would not only help traders to expand their businesses but also change their standard of living.

    He said that more of such loan would be made available as soon as beneficiaries began the pay back.

    According to the scheme, beneficiaries have six months to repay the loan with flexible options of N85 daily or N430 weekly.

    The Executive Director Bank of Industry (BOI) Toyin Adeniji said everyone that registered for the loan would get the money.

    “For now, we have 27,000 beneficiaries but the target is 30,000 in the state. Beneficiaries who pay back as scheduled will have the opportunity to graduate to the next level of the loan.

    “They can graduate to N15, 000, N20, 000 or even N50,000 levels and beyond. We implore them to use the money for the purpose it is intended,” she said.

    One of the beneficiaries, Oladunni Aderinto, who sells Okro in the market, thanked the FG for the loan while calling on other beneficiaries to pay back as scheduled.

    Another beneficiary, Adegbite Toyin said traders needed such loan to boost their trade and cater for immediate financial needs.

    TraderMoni, which kicked off last month in Lagos, has been launched in Abia, Kano, Akwa Ibom, Osun, Katsina, Kogi and Cross River.

     

  • Why we are giving N10,000 collateral free loans, by Presidency

    The presidency said yesterday that the President Muhammadu Buhari administration would intensify efforts to empower Nigerians economically, as it continues to launch the TraderMoni N10,000 collateral free loans for petty traders.

    The Senior Special Assistant to the President, Office of the Vice- President, Mr. Laolu Akande, gave an update on the microcredit scheme.

    To qualify for the TraderMoni scheme, he said no documentation of any kind was required.

    Akande spoke against the backdrop of claims about Permanent Voter Card (PVC) being a requirement for the loans.

    He said: “The traders are not required to show PVC or any document for that matter. They are only expected to show they are petty traders and this is why the enumeration is done in the markets and wherever the traders ply their trades.”

    Akande said those who questioned the timing of the loans have forgotten that the credit scheme is part of the Social Investment Programme of the Buhari presidency, and it began in 2016.

    Stressing that the TraderMoni was conceived in 2016, he said: “Must we then suspend the empowerment of the traders just because some people will insinuate motivations?

    “The petty traders, whose trades and lives are being positively impacted as they receive the N10,000, are telling a different story from those making political insinuations. And it is their stories that inspire us.

    “Nigerians already know that the Buhari administration is one that is projecting the interests of the common man, Nigerians who are at the lower rungs, and this is not a new perception at all,” Akande said.

    This week, the interest free loans, which have now been launched in eight states, including the FCT, will be extended to more states, including Oyo, Cross Rivers and Kaduna.

    According to him, the micro-credit scheme has been introduced in the following states: Lagos, Kano, Abia, Akwa Ibom, Katsina, Osun, Kogi and FCT.

  • TraderMoni: Petty traders not required to show PVC – Presidency

    Petty traders are not required to tender their Permanent Voter Card (PVC) before benefitting from the TraderMoni scheme, the presidency has said.

    Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, made this clarification on Sunday in Abuja.

    Akande, who gave an update on the microcredit scheme, explained that to qualify for the TraderMoni scheme, no documentation of any kind was required.

    He spoke against the backdrop of claims about PVC was a requirement for the loans.

    The spokesman said the President Muhammadu Buhari Administration would intensify its efforts to empower more Nigerians economically as it continued to inaugurate the Trader Moni N10,000 collateral-free loans to petty traders across the country.

    “The petty traders are not required to show PVC, or any document for that matter, they are only expected to show they are petty traders and this is why the enumeration is done in the markets and wherever the traders ply their trades.”

    He also explained that those who questioned the timing of the loans had forgotten that the credit scheme was part of the Social Investment Programme (SIP) of the Buhari presidency, and had commenced since 2016.

    The media aide said that Trader Moni specifically was conceived in 2016 and wondered if the initiative aimed at empowering traders would be suspended just because some people would insinuate motivations.

    According to him, the petty traders whose trades and lives are being positively impacted as they receive the N10,000 are telling a different story from those making political insinuations as it is their stories that inspire the presidency.

    “Nigerians already know that the Buhari Administration is one that is projecting the interests of the common man, Nigerians who are at the lower rungs, and this is not a new perception at all.

    “This week, the interest-free loans, which have now been launched in eight States including the FCT, would be extended to more States including Oyo, Cross Rivers, and Kaduna States,’’ he said.

    The micro-credit scheme has been introduced in the following States—Lagos, Kano, Abia, Akwa Ibom, Katsina, Osun, Abuja, Kogi and FCT.(NAN)

  • Fed Govt launches ‘Tradermoni’ empowerment scheme

    Federal Government has launched TraderMoni, the collateral-free loan of N10,000 targeted at petty traders and artisans.

    The scheme, which held on Tuesday in Iwo, Osun State, is part of the National Social Investment Programme of the Federal Government.

    TraderMoni, in collaboration with Bank of Industry (BoI), is targeted at craftsmen, women and petty traders.

    The scheme reinforces the Federal Government’s commitment to bridge the credit gap and empower Nigerians at the grassroots.

    Till date, over five million people are benefiting daily from the programmes under GEEP.

    “The policy of the federal government is to support businesses, not just big business but particularly small, medium-sized businesses and micro businesses. We recognize the hard work of traders who wake up every day and toil, in the markets, in their trades with a dream to become financially independent and secure a future for themselves and their children,” said Vice President Yemi Osinbajo (SAN) at the launch.

    Osinbajo described the loan as progressive, adding that it will help traders expand their businesses

    “We will give them more as they begin to repay the N10,000. If they pay up, they will be given N15,000. And if that is repaid, they would be given N20,000. Then it goes up to N50, 000 and N100, 000,” he said.

    According to him, beneficiaries have six months to repay with flexible options of N85 daily or N430 weekly.

    Osinbajo noted that this is the first time the country has implemented such an economic-enhancement initiative, adding that this constitutes part of the administration’s welfare agenda.

    ”We want to empower the masses especially those who are not lazy; we have to empower them with loans to continue with their trades,” Osinbajo added.

    Without having to leave their ware, traders are enumerated at their place of business.

    Ater verification by BoI, they receive a cash notification or credit alert in their mobile wallet account.

    The cash can either be transferred to their account or cashed at any mobile money agent.

    Unlike traditional loans, no collateral or documentation are needed for TraderMoni.

    Osinbajo explained that the scheme would not only uplift Nigerians but also discourage corruption. “This programme is part of Social Empowerment Programme by President  (Muhammadu) Buhari to discourage corruption in this nation and serve as a means to help petty traders in the country. We want the wealth of this nation to be shared to every Nigerian. The wealth of this nation belongs to every citizen and not to some set of people; not politicians but the common people of the country who should feel the impact of the government.”

    He admonished the beneficiaries to pay back the loan so others could equally enjoy same facility.

    Executive Director of BoI Mrs. Toyin Adeniji also spoke of the scheme. She said:  ”The Federal Government is on target to empower two million petty traders between now and the end of the year. A minimum of 30,000 loans per state and the Federal Capital Territory will be disbursed.”

    She added that TraderMoni would unlock massive potentials in the informal economy and support the President Muhammadu Buhari-led administration’s agenda on poverty alleviation, job creation, financial inclusion and prosperity of all Nigerians irrespective of their educational qualifications or background.

    Others in attendance includes:  Osun State Governor Rauf Aregbesola, his deputy Mrs. Titilayo Laoye-Tomori; Mrs Toyin Adeniji; Oluwo of Iwo, Oba Abdul-Rasheed Adewale Akanbi; the All Progressives Congress (APC) gubernatorial candidate, Alhaji Gboyega Oyetolaand and his running mate, Benedict Olugboyega Alabi, among others.

    Adepoju Gbemisola, a food seller in Iwo, promiseds to use the money judiciously and repay the loan as advised. Another beneficiary Aremu Jamiu, a bricklayer in Iwo, expressed his surprise in the timely intervention of the government.

    “We thank the Federal Government for approving the loan even in these difficult times. We really want to appreciate them for their efforts. I pray that God will continue to help them,” he said.