- FG Begins Disbursement of Microcredit to Bayelsa Traders
The Federal Government has begun the disbursement of N10,000 microcredit each to 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, a mobile money operator.
Many traders thronged the Tombia market venue in Yenagoa, the state capital, for the commencement of the disbursement on Tuesday.
Some of the beneficiaries of the scheme, which is expected to get to over 10,000 traders in the state, expressed appreciation to the government for the gesture.
It was observed during the disbursement that proper sensitisation of the programme had not been carried out in the state as many beneficiaries believed that the money was a grant and not a loan.
A trader dealing in fabrics, Nisiama Felix, who got the microcredit, commended the Federal Government for the gesture.
He said he would use the money to expand his business.
A photographer, Olugbo Timibara, said when he was introduced to the TraderMoni scheme, he dismissed it as a ponzi scheme.
Timibara said, “I am into photography. I feel elated to receive the money. It was like a play when my sister introduced me to TraderMoni programme.
“She told me to register and that it was real. Given the experience we had in the past with ponzi schemes, I initially was reluctant. But she convinced me that it was real and I decided to give it a shot and today I am a beneficiary of TraderMoni.
“I thank the government for the money. It will no doubt boost my business as a photographer no matter how small it is.”
Another trader, Ezekiel Ebi, said the N10, 000 given to her would go a long way in boosting her roasted plantain business.
“I was given N10,000 to support my business. There is nothing like paying back. It is a privilege to receive the grant. I thank God and the government for the package,” she added.
The representative of GDM Group, Olawale Johnson, said the group was in the state to make the activation good.
He said, “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 make market women, particularly the petty traders, to make their business move forward.
“Most of them complained that it was small money but we made them understand that though it might be small from the outset, it would increase later depending on their faithfulness in repaying the revolving loan.”
