Here’s What You Should Know About TraderMoni Empowerment Initiative

Some Nigerians are oblivious of how important empowering a small or micro business is, until they realise their primary needs cannot be satisfied. We all have an insatiable thirst for water under the scorching sun, getting your shoes fixed by a cobbler on your way to work, or quickly mending a piece of clothing from “mai tailor” otherwise known as moving tailor.

Imagine having to go to an automobile company to get your car tire pumped or fixed despite the stupendous cost and bothersome procedures when you know how convenient it is to get it done by the roadside vulcanizer, or imagine going to a restaurant or supermarket for biscuit, snacks or water before getting your stomach filled “I mean who sells roasted yam and bole (roasted plantain) in a restaurant anyway”? All these are fundamental and essential demands that need to be gratified.

However, not every individual can afford these exorbitant living, hence the need for petty traders and artisans. These petty traders and artisans practically commit to running an operational economy by meeting our daily micro demands. Thankfully, the government recognises the economic hardship especially amongst low-income earners and created a social intervention program called TraderMoni.

TraderMoni is an empowerment initiative set up by the federal government to provide interest-free and collateral-free loans for petty traders and artisans. The primary objective of the intervention is to improve and help these petty traders in business and increase overall productivity.

People may question what N10,000 can do in a business forgetting that the benefactors of the said empowerment are “petty traders”. People forget that these ”benefactors” can qualify for higher loans after prompt repayment. A food vendor, fruit seller, or vegetable vendor has a family and will be better empowered if their business is active rather than crippled by debts and unpaid interest.

The TraderMoni initiative makes these loans easily accessible to petty traders and there is no political undertone to the project as wrongly assumed by a few people. Thanks to TraderMoni. Thanks to the Federal Government. Cheers to better-empowered business owners.

Click here to watch TraderMoni Impact Stories.

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