TraderMoni Social Investment Program of Federal Government of Nigeria is aim to provide loans to market women and traders, artisans, enterprising youths and small scale farmers and agric workers nationwide.
In a determined and significant bid to further enlarge its financial inclusion agenda for all Nigerians regardless of social class and economic status, the Buhari administration has launched a new initiative under the Government Enterprise and Empowerment Programme (GEEP), called the TraderMoni, which will empower two million petty traders between now and the end of the year.
In addition to the 30,000 loans per State, States with larger populations like Lagos and Kano are expected to get more than 30,000 loans. Across the country, especially in the pilot states, about 500,000 potential beneficiaries have so far been enumerated.
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Meanwhile, under the existing GEEP MarketMoni scheme, 350,000 loans have so far been disbursed nationwide.
How TraderMoni works
TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises. The scheme operates under Bank of Industry (BoI), the scheme is designed to help petty traders expand their trade through the provision of collateral free loans of N10,000. The loans are repayable within a period of six months.
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.
- Loan Tenor: 6 Months
- Weekly repayment with a two week grace period
- Administrative Fee of 2.5% (No other charges)
Loan Amount – ₦10,000.00 – Administrative Fee – ₦250.00 – Amount to pay back – ₦10,250.00
Loan Amount – ₦15,000.00 – Administrative Fee – ₦375.00 – Amount to pay back – ₦15,375.00
Loan Amount – ₦20,000.00 – Administrative Fee – ₦1,000.00 – Amount to pay back – ₦21,000.00
Loan Amount – ₦50,000.00 – Administrative Fee – ₦2,500.00 – Amount to pay back – ₦52,500.00
How to apply for TraderMoni
To apply for Federal Government Social Investment Program all you need to have is a working phone number and BVN. Follow the steps below to apply
- Apply/register via http://tradermoni.com.ng/
- Visit the nearest agent in any of the 36 states across Nigeria
- FG Tradermoni enumerator/agent will capture your details
- If you qualify, the Federal Government will send you a text message with a code you will dial to get the funds.