Trader Moni is known as Trader Moni or Trader money is a non interest loan initiative free empowerment program from the federal government of Nigeria.
It aims is to give small capital to petty traders and artisans to start or boost their businesses.
For You >>> MarketMoni Loan Application: How to Apply
It is a part of the Government Enterprise and Empowerment Program (GEEP) scheme of the Federal Government, being implemented by the Bank of Industry. It needs no collateral and attracts no interest.
The Trader Moni loan scheme is introduced by the current president, Muhammadu Buhari, and made famous when the Vice president, Yemi Osinbanjo visited the markets to give out loans to traders.
Why Trader Moni 2020
Millions of petty traders just need a small capital to establish their business. And the fact is that they are not looking for big money, just a little cash to start or grow their business.
Because of this, the Federal government introduced Trader Moni as an escape root for them.
Who Is Eligible To Trader Moni Loan
Trader Moni is set up to help petty traders and artisans expand their trade through the provision of collateral-free loans of N10, 000 – N100, 000. You get N10, 000 as the first loan.
Getting the next loan is immediate! Once you pay back any loan within 3 months, just dial a code on your phone and you will get the next higher loan instantly.
The loan is in phases. When you pay back the first loan of N10, 000, you instantly 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.
Trader Moni Loan Interest Rate
Trader Moni loan is interest and collateral-free! You do not need to pay any interest or collateral!
Just repay the money you receive. That’s the Federal government’s way of making sure that everyone can access the loan.
The Requirement for Trader Moni 2020 Application
There is no special 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 mandated to provide your bank account and BVN together with other details listed below to access more loans.
- Firstly, you must be a Nigerian, 18 years and above
- Secondly, you must be a business owner or a trader
- Then, you must belong to a market cooperative union in your location
- Fourthly, you must have valid identification and a valid BVN
- Lastly, you must have a valid SIM/phone number that is registered with the service providers
How to Apply For Trader Moni 2020 Application Form
- Step one: Visit www.tradermoni.com.ng/
- Click on Apply now
- Then, fill the registration form
- After that, click on Register
- Lastly, a text message with a code that you will dial to get the funds will be sent to your phone number
Recent Happening on Trader Moni
Trader Moni, Market Moni, and Farmer Moni loans; Buhari orders three-month moratorium on all the economic relief pronouncements in COVID-19 speech
President Muhammadu Buhari has ordered a three-month moratorium on loans to all Trader Moni, MarketMoni, and FarmerMoni beneficiaries as relief efforts to tackle the Covid-19 impact on the Nigerian economy.
In his address to the nation Sunday evening March 29th, the President announced the much-needed relief in Abuja.
He equally granted similar moratorium to all loan facilities funded by the Federal Government and disbursed by the Bank of Industry, Bank of Agriculture, and the Nigeria Export-Import Bank.
“For on-lending facilities using capital from international and multilateral development partners, I have directed our development financial institutions to engage these development partners and negotiate concessions to ease the pains of the borrowers,” Mr. President said.