The Federal Government has said that it has started the disbursement of the N10, 000 micro-credits to petty traders in Bayelsa State.
The scheme tagged, ‘Tradermoni’ is operated by the Federal Government through the Bank of Industry in collaboration with the GDM Group and Enyowo, mobile money operator. Many traders thronged the Tombia market venue for the scheme.
Some of the beneficiaries expressed profound gratitude to the government for their kind gesture.
It was observed during the disbursement that proper sensitisation of the programme has not been carried out in the state as many of beneficiaries believe that the money is a grant and not loans.
One of the traders in fabrics, who got his N10, 000 commended the Federal Government for the gesture. “I was given N10, 000 to support my market.
There is nothing like interest or payback. It is a privilege to receive the money and I thank God and the government for the package,” she said.
The representative of GDM Group, Olawale Johnson, said the group was in the state to make the activation good.
He appreciated the Federal Government for the scheme, noting that it would go a long way to reduce the sufferings of some traders, especially the petty traders.
He said, “So far so good, the activation has been good. Enyowo has made it easy for people in Bayelsa State to get their money. We thank the Federal Government for this laudable scheme.
It is intended to boost capital for the market women, particularly the petty traders.
“Most of them complain that it was small money but we make them understand that though it may be small from the outset, but later it will graduate depending on their faithfulness in repaying the revolving loan.“
He said that the TraderMoni was not a grant but a loan, advising the beneficiaries to endeavour to pay up within six months to enable them to access future grants.