Trader Moni is established to assist petty traders expand their business via the availability of loans that do not require collateral. Trader Moni is an initiative of the President Buhari-led administration to help commercial traders who may not be able to meet the loan requirements of the commercial banks. Hence, this scheme comes as a support initiative to help trader grow their business. Also, trader moni loan scheme has been flagged off nationwide.
- The goal of the scheme
The aim of Trader Moni scheme is to take financial assistance down to the grass root where traders who sells food, pure water, soft drinks, Okada riders, food sellers and many more will benefit from the loan scheme of the federal government of Nigeria.
- How Trader-Moni works
The Trader Moni loan scheme is a mobile phone driven initiative. After capturing your data, the agent sends your information to the BOI (bank of industry) system for authentication and you will get cash notification within the period of 48 hours via your mobile wallet account. You can withdraw the money by either transferring it into your personal bank account or approach any mobile money agent.
- Steps involved in applying for trader Moni
As a starter, you are eligible to access N10,000 and pay back N10,250. When you pay back, you are then eligible to further access N15,000 and pay back N15,350. Once this is done, you will further qualify for N20,000 and pay back N21,000. After the payment of N21,000, you are qualified to access the loan of N50,000. You are expected to pay back within six month. All beneficiaries of the trader Moni scheme are enjoined to pay back within the stipulated time period to avail other traders the chance of benefiting the same.
- How to get a link to the Trader Moni scheme
To apply for the Federal government trader Moni scheme, approach any trader Moni agent in your environment and give the agent your details for processing. To apply for this scheme, you can also visit www.boi.ng/apply.
- How to become trader Moni aAgent
To become trader money agent, the step you have to take is apply through the directors overseeing your locality or area. Another easy away to become an agent is by approaching one or two Trader Moni agents in your locality. They will guide you through the process involved in registration and tell you what you need to know.
- Steps involved in transferring trader money into your personal bank account
It must note that, you can only transfer Trader Moni into your bank account when you have received notification on your mobile phone
Step one- you can use owo eyo application to transfer trader Moni into your personal bank account.
Step two- follow the guidelines stated on your mobile phone
Step three – once the money lands in your account, it is advisable to make good use to ensure easy and quick repayment that will qualify you for higher amounts. The more you comply with the guidelines the better.