FG Trader Moni/Bank of Industry N75 billion Loan for SMEs

FG Trader Moni/Bank of Industry N75 billion Loan for SMEs

What Is Trader Moni?

Trader Moni is a well known loan scheme by the Federal Government  of Nigeria (FGN), In agreement with the Bank of Industry (BOI), to provide loans to petty traders, artisans, and farmers with zero interest rates. This simply means that Trader Moni loans are interest free which is inverse with the loan systems of traditional banks and other loan companies.

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This empowerment scheme is designed to enable low-income Nigerians to become financially capable,  just by being petty traders or artisans to boost their standard of living. It is in the belief of the Federal Government that over half of the country’s problems will be solved if its citizens can have financial access to basic needs.

Therefore, the idea of Trader Moni comes in consonance with the long-term goal of the Federal Government to eradicate a sizable number of the Nigerian population out of poverty for good. According to the World Bank standard measure, a person that gets below $1 daily is poor. As such, if we look at the real exchange rate of the dollar to naira today, it shows that some Nigerians are living below N600. Hence, Trader Moni is scheduled to improve and sustain the financial status of low-income Nigerians.

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Eligibility For Trader Moni Loan

Notably, the Trader Moni loan programme is open to every Nigerian, who are within this category of businesses, Age and Citizenship. 

1. 18+ years  and above 
2. A Nigerian by birth. 
3. Have a valid National Identity card (NIN).
4. Must be a petty trader or artisan ( Mobile tailors, Keke riders, wheelbarrow pushers, food sellers, vulcanizers, fruit sellers, etc).
5. Have a steady income to repay back the loan without interest when due.
6. A Bank Verification Number (BVN) for the 2nd loan.
7. Have a working mobile phone and registered phone number that can be used to communicate with him/her.

How Trader Moni Works?

1. Trader Moni works on the idea of providing zero interest loans to Nigerian petty traders and artisans. Also, your eligibility for more loans is a matter of your steady repaying of  your outstanding loan. The faster your repayments, the bigger your credit scores qualify you for a higher amount of loan.
2. The base loan amount from Trader Moni is N10,000 for the first month, which does not require your account number or BVN. You only need your registered phone number to be eligible for this first loan amount. However, as the second loan amount increases to N15,000, then,  both your bank account number and BVN will be needed to access the loan.
3. Overtime, the amount of loan you can access can increase to N100,000 if you repay your outstanding loan faster, within three months to qualify for the next level of the Federal Government empowerment scheme. It usually takes a maximum duration of six months to repay your loan. This means that if you take a N10,000 loan from Trader Moni, you are expected to repay as low as N430 every week for six months. But if you wish to qualify for the next level, you will pay N860 every week for three months.

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Trader Moni Benefits

The following are the major benefits of Trader Moni, which are; 

1. Good standard of living. 
2. Reduces violence. 
3. Reduces the level of poverty in the country at large. 

How To Apply For Trader Moni

Eligible persons can apply for Trader Moni online or offline.

How To Apply For Trader Moni Online

1. Visit the official website of Trader Moni, 
2. Click on “Resources’ ‘Enter your details correctly as required in the form and submit
3. Follow the instructions promptly and get your loan.

How To Apply For Trader Moni Loan Offline

1. Visit the nearest Trader Moni agent in any of the 36 states in Nigeria.
2. The agent will capture your details If you qualify for the loan, you will receive a text message with a code from the Federal Government.