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BUSINESS DAY
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Government Enterprise & Empowerment Program
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Monday 25 February 2019
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TraderMoni begins N15,000 disbursements as more beneficiaries pay back
T
he Bank of Industry has begun the disbursement of N15,000 TraderMoni loans to beneficiaries who have successfully paid back their first N10,000 loans. Every day petty traders and artisans — and other MSME operators/owners — across Nigeria struggle to access much
needed finance to build their businesses. MSME data shows that even though MSMEs employ about 84% of the labour force; contribute 50% of the GDP, these businesses are not able to access funding that can move their businesses be- yond the MSME level to the Small/ Medium Enterprise level. In fact, in 2017, the MSME segment
received a meagre 0.04% of all bank loans originated in Nigeria. With little profit margins, many MSME operators resort to loan schemes with cut-throat interest rates and cumbersome repayment plans. These unsavoury loan products are detrimental to their businesses, and/or personal wellbeing. This situation has
helped keep millions of Nigerians unbanked making it even more difficult for their businesses to expand. In realisation of these challenges and in recognition of the sheer possibilities that the MSME sector holds for the economy; in 2016, the Federal Government launched the Government Enterprise and
Empowerment Programme (GEEP). Through its signature products — MarketMoni, FarmerMoni, and TraderMoni — the programme has reached over 1.5 million Nigerians through small loans. These loans, starting from N10,000 up to N300,000, have helped beneficiaries to transform their businesses.