Tradermoni is Africa’s most impactful scheme- African Bankers

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African Bankers have described the federal government tradermoni as Africa’s most impactful financial inclusion scheme.

The Tradermoni,which is a key element of the Buhari administration’s Social Investment Programmes ,is already attracting continental praise as African Bankers named the the Government’s Enterprise and Empowerment Programme (GEEP) as Africa’s most impactful financial inclusion scheme.

The Award was given to the Bank of Industry (BOI) which implements GEEP, at the African Bankers’ Awards ceremony which held in Malabo, Equatorial Guinea on June 11th, 2019, for its role in implementing GEEP, which includes the popular TraderMoni, as well as MarketMoni and FarmerMoni microcredit schemes.

A statement  by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, said about 10million Nigerians would have benefited from the Nigerian Government Enterprise and Empowerment Programme (GEEP) , one of the National Social Investment Programme (NSIP) for Micro, Small and Medium

The African Banker Awards, held annually on the fringes of the Annual Meetings of the African Development Bank, celebrates excellence in banking and finance on the African continent.
Since its commencement in 2016, millions of Nigerians have benefited from GEEP, while the micro-credit schemes have empowered over 2 million micro-enterprises with collateral-free, interest-free loans to grow their businesses.

The vast majority of these micro-enterprises are petty traders, small-scale merchants, enterprising youth, and agricultural workers in over 1,600 clusters and markets across the 36 states, and the Federal Capital Territory.

MarketMoni is a six-month interest-free, collateral-free loan starting from N50,000 to N100,000 for small businesses under the auspices of their cooperative societies or associations. Over 350,000 traders have benefitted from MarketMoni.

There is also the FarmerMoni loans, which start at N250,000 and are tailored to suit the peculiarities of the different planting seasons and farming requirements. … Read More...