Disrupting credit: how GEEP is enabling access to affordable credit, solving the collateral problem
With a population of over 190m, Nigeria has over 30 million MSMEs employing over 60 million of the population and contributing about 85% of our total labor force in the country. Micro, Small and Medium businesses have been the bedrock of the Nigerian economy. But a lot of them continue to remain at the same level because they lack access to funding from commercial banks; the average Nigerian MSME owner does not have a collateral, and cannot afford the interest rate charged by banks. Consequently, these businesses have remained at subsistence level; unable to utilize the opportunities in the Nigerian economy to grow.
TraderMoni, not a vote buying instrument, says Osinbajo
The TraderMoni programme was to empower the over 30 million Micro-, Small- and Medium- Enterprises (MSMEs) with interest-free, collateral-free loans and has nothing to do with vote buying....
With TraderMoni, FG is Spurring Productivity at the Grassroots
In line with the Federal Government’s plan to diversify the Nigerian economy beyond crude oil, attention has been turned to micro-businesses in the informal sector. Rather than focus solely on the formal sector, the Muhammadu Buhari administration is working with an overlooked, yet critical, contributor to the Nigerian economy. The informal sector remains vital to reducing unemployment; it also bridges several gaps between the formal sector and the masses.
FG boosts financial inclusion with TraderMoni
With over 23 million Nigerians financially excluded, the introduction of TraderMoni by the Federal Government in conjunction with Bank of Industry could not have come at a better time.
What Really is TraderMoni?
The TraderMoni scheme of the Federal Government has generated a significant amount of buzz and national conversation: from those who laud its impact, and those who view it as politically motivated. TraderMoni is one of three microcredit products of the Government Enterprise and Empowerment Programme (GEEP). In this interview Chief Operating Officer of GEEP, Uzoma Nwagba explains how GEEP was a direct response to the challenge of access to funds for micro-enterprises, and financial inclusion.
BoI commences second level Tradermoni disbursements as beneficiaries repay loans
The Bank of Industry (BoI) has begun the disbursement of N15,000 TraderMoni loans to beneficiaries who have successfully paid back their first N10,000 loans. According to the Bank, the disbursement is in response to the increasing beneficiary repayments recorded under the scheme. Through a flexible weekly loan repayment plan of N430 per week paid over…
Amosun denies TraderMoni programme disruption in Abeokuta
Governor Ibikunle Amosun of Ogun State has denied that some hoodlums disrupted distribution of TraderMoni in Abeokuta, the state capital on Wednesday. Some national dailies (The Guardian inclusive) had reported that attempt by organisers of Federal Government’s Enterprise and Employment Programme (GEEP), popularly known as TraderMoni, to distribute money to traders at the Lafenwa market…
Suspected hoodlums disrupt TraderMoni scheme in Ogun
Suspected thugs yesterday disrupted proceedings at the launch of the Federal Government’s Enterprise and Empowerment Programme (GEEP), also known as TraderMoni...
Why Osinbajo flew chartered helicopter, by presidency
Presidency sources yesterday offered an insight into what led to the chartering of the ill-fated Caverton helicopter to fly Vice President Yemi Osinbajo and nine others at the weekend. Inquiries by The Guardian confirmed that the presidential fleet had been depleted. Consequently, it could not cater for the daily itinerary of the president and his…
Osinbajo survives chopper crash, second in eight months
For the second time in eight months, Vice President, Prof. Yemi Osinbajo has narrowly escaped death in two helicopter crashes in the line of duty. Yesterday’s mishap happened in Kabba, Kogi State, during a campaign tour and the launch of TraderMoni.
‘Why social investment programme is strategic to our quest for national growth’
Afolabi Imoukhuede is the Senior Special Assistant (SSA) to the President on Job Creation and Youth Employment in the Office of the Vice President.