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Traders, artisans benefit from collateral-free loans in Osun

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The Federal Government has flagged off Trader- Moni scheme for traders and artisans in Iwo, Osun State. Speaking at the launching of the scheme, Vice-President Yemi Osinbajo, said the traders and artisans would now collect collateral-free loan of N10, 000 to boost their trade.

The scheme is part of the National Social Investment Programme (NSIP) and TraderMoni is under Government Enterprise and Empowerment Programme (GEEP) being managed by the Bank of Industry (BoI). It is meant to reinforce the Federal Government’s commitment to bridge the credit gap and empower Nigerians at the grassroots. Osinbajo noted: “The policy of the Federal Government is to support businesses, not just big business but particularly small, medium- sized businesses and micro businesses.

“We recognise 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.” He explained that the loan was a progressive one which would not only help traders to expand their businesses but also change their levels by making their lives prosperous.

The vice president explained: “We will give them more as they begin to repay the N10, 000. If they repay the N10, 000, they will be given N15, 000. And if that is repaid, they would be given N20, 000. We are working with the banks to open accounts with BVNs for TraderMoni beneficiaries so that they can be financially included.”

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