Entrepreneurship in any part of the world is no child’s play; you’ve got to worry about alot things, especially how to get capital for your business without the need to pay excessive high charges on interest. Sure, it is like that for everyone, and i believe most of the big names in Nigeria, have in one way or the other experienced challenges like that.

The likes of Nigeria Youth Investment funds (NYIF), Survival funds and a host of other business funding programmes have been in motion so far.

What About The Trader Moni?

TraderMoni is a loan programme of the Federal Government, 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.

N/B: Just before you continue, note that failure to pay up your loan may cost you all accounts linked to the BVN.

At the beginning you can access N10,000 and pay back just N10250 to qualify for N15000, and once you payback N15375, you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. All these stages have duration of six months interval to pay back.”

Who Is Eligible For Trader Moni 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.

Reason For 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.

MUST READ: 2021: 7 Business Funding Opportunities In Nigeria To Look Out For

Do I need a Bank Account

By the end of 2018, 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?

By the end of 2018, 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 Many States Will Get The Loan?

By the end of 2018, 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.

Is 10k The Least Amount One Can Collect?

NO. The money grows as you pay back! You can get up to N100,000. Once you use the N10,000 well and pay back, you get N15,000, and then N20,000, and then N50,000, and then 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 the next higher loan immediately.

GEEP Market Moni 2021 Loan Requirements

  • You must belong to a registered and accredited market association, cooperative or trade group.
  • You must have a valid BVN.
  • Your market association,cooperative or trade group must nominate you for a loan and must be willing to stand in as your guarantor.
  • Your market association, cooperative or trade group must be registered with BOI.
  • You must have a business location which will be verified by marketmoni agents.

How To Apply For Trader Moni In Nigeria

Before applying, you must belong to an accredited market association or cooperative registered in your state or with CAC. Your association or cooperative must indicate its interest in market moni by submitting its information to BOI including its certificate of registration.

If qualified by your association or cooperative, a marketmoni agent would be sent to your group promptly to capture your members for loan assessment.

You can submit GEEP market money loan application via the marketmoni online web portal at marketmoni.com.ng or paper market moni registration forms.

The agent will capture your details which will include the below:

  • Your full name
  • Date of birth.
  • Gender
  • home address
  • Phone number
  • Email address
  • Geo political zone.
  • trader type.

Trader Type could be:

  • Food stuff vendor
  • Product Vendor
  • Telcom Service Vendor
  • Clothing and wears vendor
  • Other product/Service vendor

Wait for an SMS from trader moni upon completion of application. Qualified persons will receive a text message with a code you will dial to get the funds.

Transferring Trader Moni To Bank Account

You can easily use eyowo mobile app to transfer trader moni to your bank account. App can be gotten from google playstore or apple store for andriod and iphone users respectively.

Alternatively, you can simply dial *4255# and follow the prompts.

How To Pay Back Trader Moni Loan

Payable within 6 months to enable access for others. It is advisable you apply for an amount you can easily pay back.

Method Of Pay Back:

Money can be paid back, simply visit any of the below banks:

  • GTB
  • UBA
  • ECOBANK
  • UNION BANK
  • STANBIC
  • STERLING
  • WEMA
  • FIDELITY
  • HERITAGE
  • JAIZ’

GEEP Market moni is different from Trader Moni Initiative. TraderMoni gives you access to loan up to N50,000 while marketmoni gives you up to N100,000 loan.

OFFICIAL APPLICATION PORTAL

For more details, visit their official website at https://marketmoni.com.ng/

Hello Visitors!

How To Get Latest Job Recruitment update & other Opportunities

Jobs are listed daily on our platforms, and as such, it is important to take due advantage of that.

Here is how:

REMEMBER: Unless specified, we are not in anyway affiliated with any of the companies or organizations listed on our website. We will never ask you for money and as such, never pay money or give your banking details to any individual in exchange for employment.

View today's jobs