Trader Moni also known as TraderMoni or Trader money is a non interest loan initiative from the federal government of Nigeria targeted at petty traders who require small capital to startup or boost their businesses. It is a part of the Government Enterprise and Empowerment Programme (GEEP) scheme of the Federal Government, being executed by the Bank of Industry. It requires no collateral and attracts no interest.
In this article, MakeMoney.ng takes a look at how you can get trader moni. Well you can also call it trader money or TraderMoni if you wish. The loan scheme became famous when the Vice president, Yemi Osinbanjo visited markets to disburse loans to traders. But right here you will find all you need to know.
Why is Trader Moni important?
There are over 20 million petty traders who just need small capital to start or grow their business. These traders have no access to loans because they do not have potentials that lenders want. They do not also have the collateral to access loans. And, the interest rates from regular loans can be intimidating. Some of them do not even have an active bank account.
Because of these limitations, they continue to suffer and their businesses cannot grow. And the truth is that they are not looking for big money, just small money to start or grow their business. Because of this the Federal government introduced Trader Moni as a way out for them.
Who can get Trader Moni
The loan is targeted at petty traders. If you are a trader or artisan in Nigeria that N10, 000 to N100, 000 can help your business right now, then you are eligible to get Trader Moni.
To break it down, if you are a small kiosk owner, food stuff seller, bread seller, mai shai, wheel barrow pusher, mobile tailor, mobile cobbler, fruits seller, keke rider, okada rider, call center operator, small business owner, then TraderMoni can help you.
How much can you get from Trader Moni?
You can get from N10, 000 to N100, 000 from Trader Moni. The loan is in phases. First you get N10, 000. Once you pay back the N10, 000 you get N15, 000. As you pay back the N15, 000 you get N20, 000. After the N20, 000 is paid back you get N50, 000. Payback the N50, 000 and you get N100, 000.
Getting the next loan is automatic! As soon as you pay back any loan within 3 months, you dial a code on your phone and you get the next higher loan immediately.
Every state in Nigeria including the FCT will get 30, 000 loans.
Trader Moni interest rate
TraderMoni loan is interest free! You do not need to pay any interest! Just repay the money you receive.
Trader Moni collateral
You do not need any collateral to access TraderMoni! It is collateral free! That is Federal government’s way of making sure that everyone can access the loan.
Trader Moni requirements
There is no big requirement for Trader Moni. Just be eligible for the loan and apply. For the first N10, 000, you do not need a bank account. After that, you will be required to provide your bank account and BVN to access more loans.
How to get Trader Moni (Application process)
Follow these steps to apply for Trader Moni
1. Find a Trader Moni Agent close to you
You need to locate a Trader moni agent close to you. That is the first step you need to take. You can click here to find contacts of Trade Moni coordinators in your state.
2. Capture your details
The agent will capture your details. The process is simple and fast. Your basic details.
3. Text notification
You will receive an instant text message with a code. Save the code.
4. Pick up your money
You can go get the cash from your bank! Pay back and get more cash!
How long do I have to pay back the loan?
You are given six months to pay back your first N10, 000. With this plan, you are expected to pay back N430 every week. If you choose to back back faster then you can back in three months. That will be N860 every week. Immediately you pay back, you get the next loan.
How to become a Trader Moni agent
Follow these steps to become a Trader Moni agent:
1. Locate the coordinator in your state
The first step is to get in touch with the coordinator of the scheme in your state. You can find information of your state coordinators here
2. Offer to be an agent
Once you establish contact with your coordinator, express your interest to be an agent
Trader Moni contact
You can contact TraderMoni through the following channel:
Website: Click here to visit the TraderMoni website
Email: [email protected]