Trader Moni – Everything you need to know
TraderMoni is a microlending scheme in Nigeria that provides interest-free loans to petty traders and artisans. It is one of the arms of the Government Enterprise and Empowerment Programme (GEEP) initiated by the Federal Government of Nigeria on the platform of its National Social Investment Programme (NSIP).
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Trader Moni is a microcredit scheme by the Government Enterprise and Empowerment Programme (GEEP) of the Federal Government of Nigeria to provide interest-free loans to petty traders and artisans. The loans are repayable over a period of six months.
To qualify for a Trader Moni loan, you must:
- Be a Nigerian citizen
- Be a petty trader or artisan
- Have a valid National Identification Number (NIN)
- Have a registered mobile phone number
- Be able to repay the loan
Once you have met the eligibility criteria, you can apply for a Trader Moni loan through the Bank of Industry (BOI). The BOI will assess your application and approve or reject it within 48 hours.
If your application is approved, you will receive a loan of N10,000 in your mobile wallet. You can use this loan to purchase goods for your business or to cover other business expenses.
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You are required to repay the loan within six months. The repayments are made in installments of N2,000 per month. You can make your repayments through the BOI’s mobile app or at any of its branches.
If you repay your loan on time, you will be eligible for a higher loan amount in the future. The maximum loan amount under the Trader Moni scheme is N300,000.
Trader Moni is an important scheme for petty traders and artisans in Nigeria. It provides them with access to much-needed credit to grow their businesses. The scheme also helps to reduce poverty and unemployment in Nigeria.
Here are some of the benefits of Trader Moni:
- It provides interest-free loans to petty traders and artisans.
- It helps to grow businesses and create jobs.
- It reduces poverty and unemployment.
- It helps to improve the standard of living of petty traders and artisans.
- It promotes financial inclusion.
Trader Moni is a valuable asset to the Nigerian economy. It is helping to empower petty traders and artisans, and it is contributing to the growth of the economy.
Who can get a loan from Trader Moni?
- Must be 18 years old and above
- Must be a Nigerian citizen
- Must have a valid government-issued ID card
- Must be a member of a market cooperative society
- Must have a steady income to repay the loan
- Must have a mobile phone with a registered phone number
The loan amount is N10,000 for the first loan. If the first loan is repaid on time, the trader can apply for a higher loan amount of N15,000 to N50,000. The loans are interest-free and are repayable over a period of six months.
Here are some examples of the types of businesses that are eligible for Trader Moni loans:
- Kiosk owners
- Foodstuff sellers
- Cobblers
- Tailors
- Fruit vendors
- Motorcycle and tricycle (Keke) riders
If you are a petty trader or artisan and you meet the eligibility criteria, you can apply for a Trader Moni loan through your market cooperative society. The application process is simple and straightforward. Once your application is approved, you will receive your loan within 48 hours.
How much is available from Trader Moni?
The amount of loan available from Trader Moni varies depending on the level of the loan. The first level loan is N10,000. Once you pay back this loan, you become eligible for the next level loan of N15,000. The amount available to you increases the more you pay back the loans, up to a maximum of N100,000.
Here is a table showing the different levels of Trader Moni loans and the amount available:
| Level | Loan amount |
|---|---|
| 1 | N10,000 |
| 2 | N15,000 |
| 3 | N20,000 |
| 4 | N50,000 |
| 5 | N100,000 |
To be eligible for a Trader Moni loan, you must be a Nigerian citizen, be a petty trader, and have a valid Bank Verification Number (BVN). You must also be able to provide proof of your trade, such as a trade license or a business registration certificate.
Trader Moni loans are interest-free and are repayable over a period of six months. You can repay the loan in weekly installments. If you repay the loan within three months, you will automatically be eligible for the next level loan.
Trader Moni is a great opportunity for petty traders to access affordable loans to grow their businesses. If you are a petty trader in Nigeria, I encourage you to apply for a Trader Moni loan.
How long do I have to pay back Trader Moni loans?
The Trader Moni loan is a 6-month interest-free loan, starting from N10,000 ($28) aimed at petty traders and artisans. The loan is repayable in weekly installments over a period of 6 months. This means that you will have to pay back N430 weekly for 6 months if you borrowed N10,000. There is also a 2.5% administrative charge that is payable upfront.
Here is a table of the repayment schedule for different loan amounts:
| Loan Amount | Weekly Repayment | Administrative Charge |
|---|---|---|
| N10,000 | N430 | N250 |
| N15,000 | N640 | N375 |
| N20,000 | N875 | N875 |
| N50,000 | N2,187.50 | N2,500 |
Please note that you will have a two-week grace period after the disbursement of the loan to start making repayments. After the grace period, you will be required to make your weekly repayments on time. If you miss a repayment, you will be charged a late fee of N100. If you default on your loan repayments, you may be blacklisted by the National Social Investment Programme (NSIP) and you may not be eligible for future loans from the government.
Do I need a bank account for Trader Moni?
You do not need a bank account for the first Trader Moni loan. The loan will be credited to a mobile wallet account that you will create. However, if you want to apply for subsequent loans, you will need to have a bank account and a BVN (Bank Verification Number). This is because the subsequent loans will be disbursed directly to your bank account.
Here are the steps on how to apply for Trader Moni without a bank account:
- Go to the Trader Moni website or download the Trader Moni app.
- Create an account and provide your basic information such as your name, address, phone number, and occupation.
- Upload a photo of your National ID card or passport.
- Provide a guarantor who is a registered Trader Moni beneficiary.
- Wait for approval. If you are approved, you will receive a notification and your loan will be credited to your mobile wallet account.
Once you have received your first Trader Moni loan, you can use it to grow your business. You can use the loan to buy inventory, pay for transportation, or cover other business expenses. You can also use the loan to repay other debts.
To repay your Trader Moni loan, you can simply transfer money from your bank account to your mobile wallet account. You can also make repayments at any of the Trader Moni repayment centers. The repayment period for Trader Moni loans is 6 months.
If you repay your Trader Moni loan on time, you will be eligible for subsequent loans. You can also get a higher loan amount with each subsequent loan.
Trader Moni is a great opportunity for petty traders and artisans to get access to finance to grow their businesses. If you are eligible for Trader Moni, I encourage you to apply.
In Conclusion:
Trader Moni offers a unique opportunity for petty traders and artisans to access much-needed financing for their businesses. With its simple application process and flexible repayment options, Trader Moni aims to empower individuals to grow their ventures and improve their livelihoods. Whether you need funds to purchase inventory, expand your business, or invest in new equipment, Trader Moni can provide the financial support you need. Don’t miss out on this valuable opportunity – apply for Trader Moni today and take your business to new heights.
