The pursuit of entrepreneurship, capital inflow which is technically called liquidity is very important for the suitablity of a business of any nature.
One way business people get fund to inject into their people is primarily via soft loan from families and friends and sometimes bank loans.
This is known fact that dues to the rising inflation of foods and other essential commodities getting fund to shore up business capital from friends and families are now very difficult as everybody is passing through same economy upheaval.
Second option, bank loan. The interest charged on most bank loans make unattractive to small business people even the established ones will want to opt-in for Interest Free Loan.
That is Where the Federal Government in her wisdom came out with this initiative of Trademoni to cushion the effect of the current harsh economies situation.
Objectives Of Market 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.
Who Is Qualify To Access Market Moni Grant
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.
Where Will The Grant Paid Into?
You will need to have an active bank account to get Trader Moni Disbursement. Prior to the 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.
Duration Of Loan Repayment
The duration of the loan has not been officially released thus it could be within six months which is typical of this kind of loan and less than that if you want to access higher amount.
Why Government Intervention Via 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.
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.
Geo political zone.
Trader Type could be:
Food stuff 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 Market 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:
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://tradermoni.ng