TraderMoni Beneficiaries in the North West share testimonies

It was just a regular day – another business-as-usual one, for 28-year-old Suleiman Sanni, a basket seller in the popular Kasuwar Yankaba in Nasarawa LGA of Kano state, North West, Nigeria. Little did he know right there in the market, even without a formal bank account to his name, he’d become a beneficiary of a government micro loan to support his small business.

In a remarkably short period, GEEP’s impact has been felt across the country but even more significant is its impact in the North West, a geopolitical zone with relatively low access to financial inclusion. The ‘no-barrier’ access to the TraderMoni loan ensured that tens of thousands became beneficiaries of the government loan. All they needed were just a working mobile phone and a verifiable business.

The loan repayment period is 6 months but records have it that many have repaid their first loan before the expiration tenure. For most traders interviewed, the ease of access to the loans, non-discrimination of beneficiaries and convenient repayment plans were major attractions to them in contrast to the many hurdles of getting commercial bank loans.

Many would easily dismiss what impact N10,000 could have a trader in present day Nigeria but the stories were different for many beneficiaries of TraderMoni. In Gusau Central Market, a beneficiary, Mogbelade Jejeniwa sells small plastic products and local food stuffs. For her, the loan is a significant addition to her business which will aid her growth and expansion. And for many like Mogbelade, N10,000 loan without a collateral is a good stepping stone to gradually scale their petty businesses.

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