Trader Moni Loan Ogun State
Trader Moni is an initiative to empower petty traders. Image: Twitter/Laolu Akande

Over 10,000 petty traders in Ogun State have on Wednesday gotten access to the federal government’s Trader Moni interest-free loan.

The scheme gives traders N10,000 interest-free loans repayable in six months.

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During the activation of the ‘Trader Moni’ initiative at Sango Ota Market in Ogun, the Executive Director of the Bank of Industry (BoI) Toyin Adeniji said the move was to reduce poverty in the country.

He said: “‘Trader Moni’ initiative is mobile phone driven, after your details have been captured by [an] agent and sent to BOI system for validation, within 48 hours you will get cash notification in your mobile wallet account.

“You can either transfer the cash to your bank account or cash it out with any mobile money agent around.”