Trader Moni was designed to help pretty traders expand their trade through the provision of collateral free loans N10,000 loans. Good news is here again 2 million Traders to get N10,000 loans through Government Enterprise and Empowerment Programme (GEEP), register here.
Recently Buhari administration has launched a new initiative under the Government Enterprise and Empowerment Programme (GEEP), called the Trader Moni, which will empower two million petty traders between now and the end of the year.
The initiative, which is mobile phone-based, aims to support about two million Nigerians with collateral-free loans to boost their businesses.
BoI’s Executive Director, Toyin Adeniji, while speaking at the unveiling of the initiative recently at Ojuwoye market in Lagos, said the bank will not give up efforts in making sure that every Nigerian who is willing has easy access to small and medium enterprise (SME) loans to start or grow their business irrespective of their status or level of education.
- The scheme will grant a minimum of 30,000 loans in each state
- The 2 million mark is expected to be attained at the end of 2018
- 500,000 potential beneficiaries have so far been enumerated
The Trader Moni scheme was designed to help pretty traders which would grant loans to a minimum of 30,000 beneficiaries in each State of the federation and the Federal Capital Territory. The aim is to further enlarge the financial inclusion agenda for all Nigerians regardless of social class and economic status.
According to Chief Operating Officer of GEEP, Mr. Uzoma Nwagba, said there are other products such as the ‘Farmers Moni’, which provides farmers the opportunity to access loans up to N300,000. Also, there is ‘Market Moni’, which issues interest-free loans between N50,000 and N100,000 to market women, traders and artisans that are a bit bigger and more structured. These products are available nationwide. He urged beneficiaries to do their best to pay back the loans so that others can get the opportunity to benefit from the programme
Under the scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N50,000 when they repay N10,000 within the stipulated time period.
The vision Buhari Administration is to use the Trader Moni to take financial inclusion down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development.
How to register for Federal Government Trader Moni
- Apply via http://www.boi.ng/apply/register
- Go to our Bank of Industry web: boi.ng.
- Click on the “Apply for loan now”
- Click on “Register here” to register your account.
- A verification link and tracking code are sent to your registered email address; click on the verification link to facilitate log in.
- Once logged in, you can complete the application form, save and click on “continue” to submit the form.
- A mail will be sent to your email address confirming receipt of the application.
- Follow the steps as directed to proceed
How to pay back Federal Government Trader Moni
BoI is in partnership with other banks such as Fidelity Bank, Wema Bank, GTBank, UBA, Heritage Bank, Stanbic Bank, Sterling Bank, Union Bank and Jaiz Bank to make paying back the loans easier. The trader just needs to visit any of the banks or key in with a BoI-GEEP agent to pay direct.