Trader Moni Beneficiaries Unwilling to Repay Loans, Says NSIP - SME Finance

Trader Moni Beneficiaries Unwilling to Repay Loans, Says NSIP

The Kwara State Focal Person for the National Social Investment Programme (NSIP), Hajia Bashirah Abdulrazaq-Sanusi, yesterday alleged that the beneficiaries of ‘Trader Moni,’ one of the programmes of the federal government’s NSIP designed to reduce poverty in Nigeria are reluctant to repay the loan.

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Abdulrazaq-Sanusi said that about 10,000 people benefited from “Trader Moni” programme in the state with over N1.3bn disbursed to them,

But, she lamented that the people were not willing to repay the loan.

“Poor masses are not ready to repay the loan after collection because of the attitude of Nigerians to anything from the government, thinking it is national cake. Also those that disbursed the money do not have records of beneficiaries like phone numbers and addresses, thus, making it difficult to track them for repayment,” Abdulrazaq-Sanusi said.

She explained that the programme was designed to provide soft loans to boost small scale businesses in the markets and was flagged off by Vice-President Yemi Osinbajo in 2019 to support women with N10,000 as soft loans to be paid back, after which they would enjoy the next stage of N50,000.

The Bank of Industry (BOI) has however refuted the claim, saying records of all Trader Moni beneficiaries are available in its database.

It said all NSIP focal persons have been provided with information on Government Enterprise and Empowerment Program (GEEP) beneficiaries, under which the Trader Moni scheme is established.

“We would like to state that the fully digitized loan records and bio-data of all 2,418,936 GEEP beneficiaries are electronically stored in a central database. The data can be viewed at the GEEP Command Centre of the Bank of Industry which is open to the public.

“The programme relies heavily on technology to deliver its three loan products; namely, Trader Moni, Market Moni and Farmer Moni. The loan cycle for every GEEP applicant involves the following processes: Extensive KYC and data validation via mobile forms.”

BOI explained that GEEP agents nationwide are equipped with a proprietary mobile application that enables the full registration and capture of up to 43 unique data points of every single applicant.

The Trader Moni programme, which was launched in 2018, is designed to provide soft loans of N10,000 to boost small scale businesses.

The programme was formerly managed by the office of Vice President, Yemi Osinbajo.

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