Trader Moni loan Registration tradermoni.ng login portal|how to apply |latest update today
Are you a petty trader or an artisan in need of a loan? If yes, then this article is definitely for you. Many lenders and financial institutions like banks and cooperatives give out loans to the public at very high interest rates.
This is really bad for businesses as such interest rates sometimes level up or surpass the profit we traders and artisans make. This results into a little profit or loss at the end of the day.
Therefore, after understanding this plight, the Federal Government intervened by introducing a loan programme known as TraderMoni. This loan programme is specifically for petty traders and artisans across the country, irrespective of their location.
It is a part of the Government Enterprise and Empowerment Programme (GEEP) scheme of the Federal Government, being executed and fulfilled by the Bank Of Industry (BOI) and few other bodies.
One amazing feature about the TraderMoni Loan Programme is that loans are interest free. No matter the amount you borrow, you will not be required to pay any interest on it. So, any profit you have made from the loan capital is for you and your family.
With TraderMoni, you can qualify for a loan up to N10,000 for a start. Kindly note that, this amount will increase if you pay back your outstanding loan within the stipulated time. After you borrow N10,000 and pay back, you will be eligible to borrow N15,000. The chain continues to N20,000 , N50,000 even up to N100,000.
Basically, all you have to do here is borrow and pay back on time. This will help your petty business grow better and faster, without stressing you for interest. The Federal Government is doing all this to change your level as a petty trader or artisan.
Eligibility to apply for the TraderMoni Loan
The TraderMoni Loan Programme is not applicable to every Nigerian Citizen. It is restricted to certain people, occupation, age, income etc. If you do not meet up with all these requirements (excluding none), then you should not bother applying for the Trader Moni loan.
The eligibility for the TraderMoni Loan include;
- Applicant must be at least 18 years of age
- He or she must be a citizen of the Federal Republic of Nigeria
- Applicant must have a valid means of identification to prove the previous point
- Applicant must be a petty trader or an artisan. Professionals who fall under this category include; Kiosk owners, food/foodstuff sellers, wheel barrow pushers, mobile tailors, mobile cobblers, fruit sellers, Keke riders, vulcanizers etc
- He or she must have a steady income to pay back the loan without interest
- Applicant must have a bank account and a BVN for the second loan. These two things are not needed for the initial N10,000 loan
- Applicant must have a phone and a registered phone number
How to apply for the TraderMoni Loan
Here is the portal Web address
- Identify any TraderMoni Agent in your state of residence
- Meet with the agent to capture all your necessary details
- A code will be sent to your registered phone number. Provide the agent with it, when he or she asks for it.
- The next step is to cash out from any of your favourite banks.
Frequently Asked Questions (FAQs)
How much is the TraderMoni Loan form?
There is no payment required during your details capturing for the TraderMoni Loan. You will not be told to pay a dime.
See: NYIF registration
How long to pay back the Loan?
To pay back your TraderMoni Loan, the repayment tenure will be stretched over 6 months. The repayment is made usually every week. It will not exceed six months. For example, if you are borrowing N10,000 , you will pay back approximately N1,700 weekly.
However, you can choose to pay back the loan in or less than 3 months. If you do this, you will get an automatic loan of N15,000.
How do I pay back?
To pay back, just go to the agent who captured your details. He or she will explain to you how to go about it.
What if I don’t pay back?
Well, some things are better left unsaid. But, remember this is the government. They will find whoever tries to run with the loaned money. You already know what’s next.. To face the long arm of the law.
Do I need a bank account?
Actually, there are two things involved here. For the initial N10,000 loan, you do not need a bank account of your own.
However, for the N15,000 loan, you will need a bank account as well as a Bank Verification Number (BVN). This details must be in your name. Note that this requirements also apply to other loans above N10,000.