Trader Moni: Nigeria, Unity Bank Target 35,000 SMEs in Jigawa
The Nigerian Government has introduced the ‘Trader Moni’ programme in partnership with the Jigawa State Government and Unity Bank Plc with the initial sum of N300 million.
The bank in a statement said with a total of N1.5 billion earmarked for it, the scheme was meant to accelerate an on-lending through Unity Bank to about 35,000 Jigawa petty traders.
It stated that Vice President Yemi Osinbajo, who was in Jigawa for the launch of ‘Market Moni’, presented the Unity Bank cheque through the Chairman, Jigawa State Chamber of Commerce Mines and Agriculture, Alhaji Shehu Sunusi.
The Regional Manager, Unity Bank in Jigawa State, Mustapha Baba, said the bank was in good stead to facilitate the massive on-lending scheme to the benefit of Jigawa petty traders.
He added that the bank had continued to identify with the genuine aspirations of the government and people of the state.
According to Baba, he explained that arrangements had been made for the bank to begin direct disbursements to selected beneficiaries/small businesses in the state as intervention funds on behalf of the state government/JICCIMA.
The statement stated that the VP also used the opportunity to launch the Jigawa State Chamber of Commerce Mines and Agriculture Business Support Loan.
It noted that the Federal Government, through the Bank of Industry and the Government Enterprise and Empowerment Programme, recently launched Trader Moni in Lagos to enable traders access loans of up to N10,000 at the first instance.
Mustapha stated that farming equipment such as tractors and planters would be distributed to farmers in the state.
According to the statement, the Unity Bank cheque of N300 million, presented by Osinbajo to JICCIMA on behalf of the state government, is at zero per cent interest rate.
It stated, “Under Trader Moni, traders don’t need any documents or property to collect N10,000 loan from the Federal Government. They only need to register, get captured and receive the money through their phones.
The repayment plan is for six months and beneficiaries would pay a paltry N250 interest on the N10,000 and qualify for a bigger loan thereafter.”
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