Osinbajo’s tradermoni free-loan excites North East traders

Some petty traders in the North East of Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe states have expressed their satisfaction with the implementation of tradermoni, a free loan initiative of the APC-led government coordinated by the Office of the Vice President Prof. Yemi Osinbajo.

The programme began in 2018 as Nigerians were preparing for 2019 elections which critics of the government described as vote-buying tactics.

TraderMoni is one of three microcredit products of the Government Enterprise and Empowerment Programme (GEEP).

In an interview published by The Guardian, the Chief Operating Officer of GEEP, Uzoma Nwagba had said, “GEEP is a microcredit programme that provides much-needed capital to traders, artisans, farmers, petty traders.

“It is one of the social intervention progammes of the Federal Government and comprises of three products: MarketMoni, FarmerMoni, and TraderMoni.”

It was speculated that the government might stop the programme immediately after the 2019 elections, but some Twitter users who are based in Northeast states confirmed the positive effect of the interest-free loan on their businesses.

See some of the tweets below:

GEEP grants interest-free loans of between N10,000 to N300,000 in a graduating scale of N10,000; N20,000; N50,000; N100,000; and N300;000. Traders either start at N10,000 (TraderMoni), or N50,000 (MarketMoni), or N300,000 (FarmerMoni).