The Federal Government on Tuesday took its financial support drive to the poor under the ‘Trader Moni’ scheme to Plateau State where 4,000 rural traders are targeted to benefit from the N400 million earmarked for the scheme’s implementation in the state.
The disbursement of the zero interest loan was flagged off by the Bank of Industry and GDM Group, through an economic platform called ‘Eyowo’.
Speaking on the intervention by the government, the Supervisor of GDM Group, Basil Atondo, told journalists during the inauguration of the platform at Terminus Market in Jos that through the scheme, government would be empowering 200 million people nationwide.
He explained that the plan of the government was to register and empower as many as 200 million people nationwide, adding that in Plateau State, about 4,000 traders have been registered to benefit from the scheme.
The microfinance expert said: “If you pay simultaneously as it is instructed, at the end of the day, you will have N100,000 to do your business. If you multiply N100,000 by 4,000 target, you will get the amount, which is N400 million.
“We want to see to it that we reach 4,000 people in Plateau state who, after the period of one year, can boast that the Federal Government gave them N100,000 each to boost their business. That is what we want to achieve in Plateau state.
“The Federal Government wants to meet the upcoming traders to assist them with loans from Bank of Industry that will help them boost their business. When you are registered, the Federal Government gives you N10,000 through the BoI of which you are to pay after six months with an interest rate of 0.25 per cent.
“That will be N250 in addition to the N10,000 that you are initially given. By the time you pay this money, the BoI will give you another loan of N15,000.
“At this time, you are still going to get the same 0.25 per cent interest rate. It does this till it reaches N100,000. When it reaches N100,000, you pay back the money and will be qualified for what is called market money, another scheme that is coming through which the Federal Government wants to give out to traders to help boost their business”, the GDM Group leader added.
One of the beneficiaries, Mrs. Nkiru Success, expressed happiness over the government’s funding support after she received the alert on the payment of the money to her accounts.
She said: “When the promoters of the scheme came to me, they asked me if I am interested in the business loan, and I said yes. So, they registered me by taking my name and the amount they were going to give me at the end. They said I will fill the message on my phone. And alas, I was able to see the text message.
“I started jubilating at home, and started dancing. Even my children were asking me, what was it. I told them I have received a N10,000 free loan. My neighbours and everybody were asking me if it was real. And I said yes, I fact, I want to tell my people that it is real and a reality indeed. I am happy over it”, Success added.