TraderMoni beneficiaries debunk claims that PVCs were required from them before they were registered for the loan. TraderMoni was created to empower hardworking petty traders and artisans at the base of the economic pyramid. The Federal Government recognized the need for those at the end level of the commercial chain to be financially equipped as these set of people find it hard to meet the burdensome requirements for securing loans at other micro-credit institutions. Micro businesses make up a significant portion of the economy in Nigeria, having over twelve million petty businesses. These businesses lack adequate running capital, talk less of the ability to increase their inputs and grow the businesses.
Despite the prominent objective of this initiative, there has been misinformation on the use of PVC, giving of free money and other vital information about the on-going TraderMoni are currently spread throughout all media platform. All of these are false claims.
The well-intended Government Enterprise and Empowerment Programme (GEEP); TraderMoni, aimed at boosting micro businesses by giving them interest-free and progressive loans from N10,000 to N100,000 upon repayment, do not require any PVC or electoral document as a prerequisite for registration. The essential conditions to be eligible for the loan is to be a petty trader or artisan in Nigeria. The applicants just need to provide their names and phone numbers to be remunerated.
Some beneficiaries who were contacted affirmed that the TraderMoni agents in charge of registration and disbursement of the loan only requested their names and phone numbers. Also contacted was Dr Alade Adebiyi, the General Secretary of Oyingbo market, Lagos state present at their market activation. He also confirmed that No PVC was required to acquire the TraderMoni loan.
Hence, It is vital to know that PVC is not a criterion for TraderMoni. All information as to regards the use of any personal electoral document or forms are to be disregarded and considered null and void.