One of such stories is the revolution experienced by one of the beneficiaries Mrs Folake Olaogbe who sells Titus and Shawa fishes in Mushin market. A
One of such stories is the revolution experienced by one of the beneficiaries Mrs Folake Olaogbe who sells Titus and Shawa fishes in Mushin market. Although, she has been in this trade for 20 years, she still operates at a very small scale, having to borrow at unfavourable conditions every time she needs to restock. With the TraderMoni interest free loan, she was able to purchase a carton of fish which has greatly increased her income. The support from the government has encouraged her to strive further in business. She gladly anticipates the next level of loan as she has already paid back N2,580. In her words, “we appreciate the government for the TraderMoni initiative, I can testify to its impact”.
All businesses need credit facilities for smooth running and expansion. However, petty trades and artisans have been largely separated from credit facilities or loans. This is due to their low ‘not so attractive’ returns on investment. This has led to millions of hardworking petty traders being locked in the poverty cycle or even ‘closing shop’.
The Federal Government empowerment scheme – “TraderMoni” is a timely intervention, one targeted at the micro scale enterprise level of the Nigerian economy. It offers petty traders and artisans across the country interest and collateral free loans in progressions of N10, 000, N15,000, N20,000, N50,000 and N100,000. These loans are used to boost their businesses by increasing resource input which leads to more returns.