The Federal Government has launched a new initiative under the Government Enterprise and Empowerment Programme (GEEP), called the Trader Moni, which will empower two million petty traders between now and the end of the year.
This is in its bid to further enlarge its financial inclusion agenda for all Nigerians regardless of social class and economic status.
The scheme which was launched last week in Lagos would grant a minimum of 30,000 loans in each state of the federation and the Federal Capital Territory targeting two million traders before the end of this year.
Petty traders in Lagos, Kano and Abia States are set to be the first round of beneficiaries to draw the collateral free loans.
Trader Moni is designed to help petty traders expand their trade through the provision of collateral free loans of N10,000. The loans are repayable within a period of six months.
Under the scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N50,000 when they repay N10,000 within the stipulated time period.
Trader Moni was launched last Tuesday in five markets in Lagos State with tens of thousands beneficiaries already.
The Lagos markets already reached are Mushin, Ikotun, Agege, Ketu, and Abule Egba markets.
The scheme will soon be taken to other states in the country, with Abia and Kano states next in line, government said.