What Is trader moni loan Nigeria
Trader moni loan Nigeria is money provided by the federal government of Nigeria to assist the trader in their business. It is deemed as one of the poverty alleviation schemes in Nigeria.
Who can Apply for Trader Moni Loan
Trader moni loan Nigeria is made available for everyone who is into small or petty trade, in other words, it is money for the petty trader.
How much can one get from trader moni loan
The loan starts as low as N10,000 and increases as you pay back the loan on time.
“At the beginning, you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for an N20,000 loan, when you pay back N21,000 you will get N50,000. All these stages have a duration of six months interval to pay back.”
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How to Apply For
If you are interested in getting the small loan to support or bust your business, you will have to follow the registration process as listed below.
You don’t have to belong to any accredited market association or cooperative. All you have to do is simply find a trader moni agent (on twitter @trader_moni ) in your state, He or she will register you for trader money loan.
The Trader moni agent is expected to capture the following data from you:
- your full name
- date of birth
- home address
- phone number
- email address
- geopolitical zone
- trader type
Trader type could be :
- Food Stuff Vendor
- Product vendor
- Telcom Service Vendor
- Clothing and Wears Vendor
- Other Product/Service Vendor
After you complete your trader moni application, you will have to wait for a text message from trader moni. If you qualify, you will receive a text message with a code you will dial to get the funds.
Where To Find Trader Moni Agents
To find a trader moni agent, You will have to check trader moni website for the contact of their agents across Nigeria. Or You can also ask @trader_moni on Twitter.
How To Transfer Trader Moni To Bank Account
If you are not connected to the internet or you don’t own a smartphone or you simply prefer using USSD for transactions, simply dial *4255# and follow the prompts.
How To Pay Back Trader Moni Loan
To repay your TraderMoni Loan, walk into any of the following banks, GTB, UBA, Ecobank, UnionBank, Stanbic, Sterling, Wema, Fidelity, Heritage, Jaiz.
The TraderMoni loan is designed for payback within the 6months to enable access for others. It is advised that you apply for an amount you can repay comfortably over 6 months.
NOTE: As soon as you pay back, you can apply for trader moni loan of a higher amount.
- Loan Tenor: 6 Months
- Administrative Fee of 2.5% (No other charges).