Trader Moni – Are you looking for a capital to start-up a business? or you already have a petty business which need more financial assistance? If yes, then Trader Moni is the answer.
TraderMoni is a loan programme of the Federal Government, created specifically for petty traders and artisans across Nigeria.
It is a part of the Government Enterprise and Empowerment Programme (GEEP) scheme of the Federal Government, being executed by the Bank of Industry.
With TraderMoni, you can receive interest-free loans starting from N10,000 and growing all the way N100,000 as you pay back.
Note, You get N10,000 as your first loan. When you pay back the first loan, you immediatly qualify for a second loan of N15,000. respectively.
You can get access to higher loan facilities ranging from N15,000 to N100,000 if you repay within the six-month loan term.
Requirements for Trader Moni loan
- You must be a Nigerian citizen and aged 18 or older
- A business owner or trader
- Be an active member within any market cooperation union within your location
- Have a valid means of identification
- Must possess a valid BVN
- Must have a valid SIM/phone number properly registered under your name with any of the service providers (MTN, 9moblie, Airtel, Glo etc).
How to Apply for a loan with Trader Moni
Trader Moni registration is done in two ways, namely;
- Physical registration
- Online registration
Note, Trader Moni physical registration can only be done at the Bank of Industry (BOI) centres.
To apply for Trader Moni loan, follow the steps below:
- Visit the website, www.boi.ng
- Navigate the page and click the “Apply for loan now” button
- Next, select “Register here”
- Provide the correct information about yourself. (Name, phone number, email etc)
- A verification link and tracking code will then be sent to the email you provided
- Now click on the verification link to log in.
- Once logged in, complete the application form, save and click on “continue”
- You will be sent an email confirming that the application has been received
- Subsequently, you will be informed of the next step, you should take.
On the Trader Moni platform, you have 6 months to pay back your N10.000 loan. You are expected to make a payment of N430 weekly for 6 months.
Don’t forget to make a repayment immediately your loan is due for repayment.
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