Enabling Financial Support and Inclusion for Nigeria's Micro Traders

About the Client

The Bank of Industry Limited is Nigeria’s oldest, largest and most successful development finance institution. It provides financial and advisory support for establishing, expanding and modernising industrial enterprises across the country, with offices in most states and programmes that reach large, medium and small businesses.

Challenge

Through the Government Enterprise and Empowerment Programme (GEEP), the Bank of Industry set out to lend from NGN 10,000 to informal traders, then raise the amount when a loan was repaid. Most of those traders worked in open markets, without bank accounts or access to formal finance.

Solution

Softcom powered TraderMoni fulfilment on Eyowo. After a trader was identified and enumerated, the loan was paid to their mobile number. Dropping the first zero turned that number into a NUBAN, so an unbanked trader had a working account.

Impact

• Over 1.2 million micro traders received digital loans
• Over 300,000 gained formal financial services for the first time
• Loan disbursement stayed transparent through Eyowo