The Federal Government has taken its social intervention campaign under the ‘Trader Moni’ scheme to Jigawa State with the initial sum of N300 million ready for disbursement to thousands of traders in the state.
Altogether, a total of N1.5 billion has been earmarked for on- lending through Unity Bank to about 35,000 Jigawa petty traders
The Vice President, Prof. Yemi Osinbajo, who launched the scheme in the state presented the Unity Bank cheque for the value, through the Chairman, Jigawa State Chamber of Commerce Mines and Agriculture (JICCIMA), Alhaji Shehu Muhammad Sunusi, to the traders.
The Vice President also used the opportunity to launch the Jigawa State Chamber of Commerce Mines and Agriculture Business Support Loan.
Commenting on the initiative, the bank’s Regional Manager in Jigawa State, Mustapha Baba, maintained that the bank was prepared to facilitate the on-lending scheme for the benefit of Jigawa petty traders.
He explained that the scheme aligned with the aspirations of the state government and people of state and would also support the bank’s drive for improved financial inclusion in the state.
Baba assured that the bank’s management had made arrangement to begin direct disbursements to beneficiaries in the state.
It would be recalled that the Federal Government launched ‘Trader Moni’ in Lagos recently as part of its social intervention programmes aimed at making a trader to access at the first instance, up to N10,000 loan after which on repayment, he/she can access more loans.
Under ‘Trader Moni’ scheme, benefitting traders don’t need any documents or collateral to access the initial N10, 000 loan but only need to register, get captured and access the loan.
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 subsequently.