Trader Moni Loan Application 2023: How to get Loan of N100,000 and above without collateral
Trader Moni Loan Application 2023: How to get Loan of N100,000 and above without collateral – This post is written to serve as a guideline to all Nigerians anticipating to become one of the beneficiaries of Federal Government Trader Moni Loan. Trader Moni Loan is currently ongoing for all interested and qualified persons to register and become a beneficiary at least have access to N100,000 and above without collateral. SEE GUIDELINES BELOW
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Trader Moni Loan Application 2023: How to get Loan of N100,000 and above without collateral
Actually, Trader Moni Loan is mostly for petty traders and artisans to help them boost their businesses. Kindly follow the step by step guidelines for a swift application.
What is Trader Moni?
Trader Moni is an interest free loan programme of the Federal Government of Nigeria, 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 to N100,000 as you pay back.
You get N10,000 as the first loan. When you pay back the first loan, you immediately qualify for a second loan of N15,000. After payback of the second loan, you qualify for a N20,000 loan, and then N50,000, and then N100,000. With TraderMoni, the Federal Government wants to change your level by providing continuous loans for your petty business, making each loan bigger to enable you to grow.
How many States in Nigeria will Get the loan?
By the end of 2022, the Federal Government targets to disburse 2 million TraderMoni loans across all 36 states and the FCT. Each state will receive a minimum of 30,000 loans.The loan is only being administered by BOI, being a bank with the structures and processes to reach out applicants.
How long do I have to pay back FG TraderMoni Loan?
Click Here to see how to pay back Trader Moni Loan
Why is Government Providing Trader Moni
Federal Government understands the plight of the over 20 million Nigerians in petty business and in dire need of capital to grow their businesses. These Nigerians rarely have bank accounts, and are usually not “interesting” or “profitable” to traditional lenders. They cannot access loans to trade, and they therefore remain in a cycle of poverty. Federal Government is on a mission to break this poverty cycle. TraderMoni can ease your “business cash” problems and make your life better.
Is TraderMoni a BOI loan?
NO. TraderMoni is a loan from the Federal Government of Nigeria. The loan is only being administered by BOI, being a bank with the structures and processes to reach out applicants and deliver loans at large scale.
Who is Eligible for TraderMoni Loan
If you are a petty trader or artisan in Nigeria, and N10,000 can help your business today, then you are eligible for TraderMoni! For example, 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, etc, TraderMoni is here to help your business to get to the next level.
Requirements for TraderMoni Loan Application
- To begin application below is the Requirements for Trader Moni
- Applicants must be 18 years and above
- Applicants must be a business owner or a trader
- Applicants must be a Nigerian
- Applicants must belong to a market cooperative union in your location
- Applicants must have a valid BVN
- Applicants must have a valid identification
- Applicants must have a valid SIM/phone number that is register with the service providers.
- If you meet requirement, then you can go ahead to start the application.
How to Apply for Trader Moni Loan 2023
Interested and qualified applicants should Click Here to Apply Online
TraderMoni Registration Loan Terms
- Loan Tenor: 6 Months
- Administrative Fee of 2.5% (No other charges).
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