Hoodlums allegedly disrupt TraderMoni payments at Kwara market

Hoodlums allegedly disrupt TraderMoni payments at Kwara market

- Hoodlums allegedly invaded the Mandate Market in Ilorin and intimidated traders receiving their TraderMoni payments

- It was not clear whether they were sent by anyone or whether they were working on their own; and the situation was reportedly calmed by the police

- Officials of the Bank of Industry said the enumeration had been going on in the last few days, without incident, until that particular day

- TraderMoni is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000

Hoodlums allegedly invaded the Mandate Market in Ilorin, Kwara state, on Thursday, December 6, scared away petty traders and TraderMoni agents; disrupting the disbursement of money to beneficiaries of the scheme.

As early as 9am, the hoodlums allegedly stormed the Mandate Market, insisting that the TraderMoni scheme could not be conducted, NAN reports.

Legit.ng gathers that it was not clear whether they were sent by anyone or whether they were working on their own.

According to witnesses, including Bank of Industry (BOI) officials who were at the market to supervise the enumeration and disbursement of the N10,000 collateral free loans, the arrival of the mob at Mandate Market caused some uproar.

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The thugs also reportedly intimidated the petty traders who had lined up to participate in the programme. Many of the traders were palpably annoyed and refused to leave the market. Calm was restored with the intervention of the police.

At the Ipata Market, where enumeration and disbursement of the TraderMoni loans were also going on, market leaders reportedly rebuffed pressure from some officials of the state, urging them to shun the enumerators. The programme went on without incident.

Officials of the Bank of Industry said the enumeration had been going on in the two markets in Kwara state in the last few days, without incident until Thursday.

Vice President Yemi Osinbajo is expected in the markets on Friday December 7.

TraderMoni, which is part of the federal government’s Social Investment Programme (N-SIP) under GEEP, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000.

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The loans are repayable over a period of six months at which point the traders on repayment will receive a fresh N15,000 loan, which rises to N20,000 when repaid.

The microcredit scheme, which has since been formally launched nationwide and the FCT, is expected to reach two million petty traders by the end of 2018.

Meanwhile, Legit.ng previously reported that the federal government’s TraderMoni programme passed the popularity test once again as petty traders welcomed Vice President Yemi Osinbajo with joy as he toured the famous Watt’s Market, Calabar, to activate the scheme in the state where many traders were given N10,000 each to be paid back in six months.

The vice president was accompanied by the governor of Cross River state, Prof. Ben Ayade.

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Source: Legit.ng

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