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More than 40,000 traders in Adamawa State have benefited from the Federal Government’s ‘TraderMoni’ loan scheme. This was disclosed at the official launch of the scheme at the Jimeta Modern Market in the capital city, Yola.
Ignatius Gabriel, National Enumerator of the Federal Government’s Enterprise and Empowerment Programme (GEEP) said the programme is the micro-component of the economic growth and recovery plan of the Muhammadu Buhari-led administration.
Outlining conditionalities and procedure for accessing the loan, Gabriel said: “To register, a trader needs to provide his name, date of birth, address and phone number. Those who qualify for the programme would receive a text message and a four-digit personal identification number to enable the transfer of the fund to their bank accounts.
“Prospective candidates are to fill a form indicating a selected business to carry out, then N10,000 will be credited to their account. After repayment, they qualify for N15,000, then N20,000, N50,0000 and N100,000, with a moratorium of six months. And it is flexible enough for one to pay as little amount as N430 weekly remittance,” he said.
Manager of the programme, Taiwo Akorade, noted that the programme was designed by the president to revive the country’s economy and does not have a specific time limit.
One of the beneficiaries, Mallam Ahmad Adamu, a cosmetics trader, lauded the programme as according to him, “it will grow my business in six months. Instead of engaging in unlawful activities, this loan is something the youth can use to start something small and build on it.”