TraderMoni seeks to grant loans to petty traders and artisans in order to drive their trades across Nigeria. The idea is borne out of the need to support traders from every part of Nigeria, in a bid to encourage SME trades in Nigeria.
Capital is one of the major reasons most Nigerians fall out on business opportunities. More often than not, several persons have had to suspend their dream business owing to lack of funds or loans. For those with great business ideas, funding has always been a major challenge as loan sources often request collaterals and certain requirements young entrepreneurs can’t meet. For those who can, they are sometimes discouraged by the high-interest rates provided and seek alternatives in avoiding profitable, traditional lenders. It is one of the reasons the Federal Government of Nigeria introduced TraderMoni, an initiative that is focused on granting loans to Nigerian traders and petty artisans.
What is TraderMoni
TraderMoni is an initiative by the Federal Government of Nigeria that gives out ‘progressive’, interest-free microloans to small scale traders and artisans whose businesses have a value less than N50,000 (fifty thousand Naira). The scheme is part of the Federal Government’s ‘Government and Empowerment Enterprise Programme’ (GEEP) and is being executed through Nigeria’s Bank of Industry (BOI). The idea is to encourage traders across Nigeria and cushion the effect of lack of money by providing continuous loans for their businesses.
How TraderMoni Works
TraderMoni offers interest-free loans to petty traders and artisans ranging from N10,000-N100,000 as one pays back. The loan starts at N10,000 and increases to N15,000 upon repayment of the initial borrowed sum. After repayment of the second loan of N15,000, a trader qualifies for a N20,000 loan and then qualifies for a loan of N50,000 and N100,000 as the next after each repayment.
To apply for TraderMoni, you must have the following:
- A business
- Nigerian Citizenship
- A valid means of identification (voter’s card, driver’s license, etc.)
- A Bank Verification Number (BVN)
- An active SIM card and a phone registered to any of the Nigerian network providers
- Belong with a market cooperative union
- Must be 18 years and above
How to Apply for TraderMoni
The TraderMoni online portal is designed to ease the Bank of Industry (BOI) prospective startup and SME customers such that they need not visit any physical address to apply for the TraderMoni loan scheme.
The TraderMoni portal also creates the advantage of decreasing the loan processing Turn-Around-Time (TAT) of the Bank. The portal allows for prospective loan applicants to upload required documents and also allow them to choose their preferred Bank of Industry (BOI) state office location where their applications would later be processed.
Below are the steps to apply for TraderMoni scheme:
- Visit https://boi.ng/apply/
- Click ‘REGISTER’ to register your account
- A tracking code and a verification link would be sent to your e-mail address; you will need to access your email account and click on the received link to verify your account and also facilitate your login.
- Once logged in, you are to complete your loan application form. You’d be required to save the form and then click ‘continue’ to submit.
- Upon submitting, you will receive a confirmatory email to your email address.
TraderMoni Loan Tenor
The TraderMoni loan is repayable over a period of six months.
How to Transfer TraderMoni to Your Bank Account
IF your application has been approved and you would like to have your TraderMoni loan transferred to your bank account, kindly note the below steps:
- You can choose to send your TraderMoni loan to your bank account only when you have received an alert that your loan has been disbursed.
- Use the Eyowo app to transfer the money to your account. To do so, CLICK HERE TO DOWNLOAD THE APP.
- Follow the instructions within the app to transfer your approved TraderMoni loan to your bank account.