Tradermoni Scheme: Beneficiaries To Get N50000 Business Support Funds

Federal Government will restart the Tradermoni scheme in November with each beneficiary getting N50,000 to support their business.

While the interest-free loan scheme for traders – started in 2018 – has been on hold for some time, the Minister of Humanitarian Affairs and Poverty Alleviation Mrs Betta Edu said the government is set to relaunch it.

Confirming that the scheme has not been scrapped, she said: “Now, for the first set, which we are starting in November,  we are selecting one big market per senatorial district. That is 109 markets and we are going into the markets, capturing the traders in their shops in the markets.

Unlike the N10,000 given to traders in the earlier phases, there is more money for the beneficiaries. “It’s N50,000 to support their businesses,” she said on Channels Television’s Sunday Politics.

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“We are not interested in party lines, or any social or personal interest. We capture them in the market and then after doing so, we create a bank account just as they are being captured, and the monies are sent directly from the CBN account,” the minister noted.