I’ve noticed a lot of outcry on this Trader Moni and here is a guide to help you understand.
What Is TraderMoni?
GEEP 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 scheme of the Federal Government, being executed by the Bank of Industry.
The Trader Moni scheme is designed to help petty traders expand their trade through the provision of collateral free loans of starting with N10,000.
Trader Moni was launched in partnership with the Bank of Industry in order to enlarge government’s “financial inclusion agenda down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development.
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 (6 months).
It is worthy to note that something similar to tradermoni has started in some developed countries years back.
In Brazil the “BOLSA FAMILIA” is a social welfare program of the Brazilian government, part of the Fome Zero network of federal assistance programs. Bolsa Família provides financial aid to poor Brazilian families; if they have children, families must ensure that the children attend school and are vaccinated. If they exceed the total of permitted school absences, they are dropped from the program and their funds are suspended.
Another good example of a scheme Similar to Tradermoni is the OPORTUNIDADES which is run in Mexico.
Oportunidades is a government social assistance program in Mexico founded in 2002, based on a previous program called Progresa, created in 1997.
[TRADERMONI | MARKETMONI | FARMERMONI]
Another distinction between the loan products is the amount that can be loaned.
1. For Farmer Moni – loans start at 300k
2. For Market Moni – loans start at 50k
3. For Trader Moni – loans start at 10k
Trader Moni FAQs
Who is a Market Activation?
Market activations are like “launch” events to announce the presence of
#TraderMoni in a state. However, it is not the start of TraderMoni in the state, as
the programme has already started in every state nationwide.
At the market activations, a full team of Trader Moni staff from the Federal Government use this opportunity to visit the state, interact with the beneficiaries, trade leaders, and agents, and monitory the progress of the programme.
It is also another opportunity to share more information and updates on the programme. Market activations usually take place in two select large markets or trade clusters in a state.
Where can I be enumerated?
You can be enumerated at your point of trade (where you sell your market).
You can also be enumerated where you buy your goods before transporting
for sale (for example, at the bakery for bread sellers).
Wherever there is a #TraderMoni agent, they would be able to enumerate you as long as you are eligible. For
enquiries about TraderMoni, call 0700-6275-386 or 0700-1000-200
Who is eligible for a TraderMoni Loan??
– A small kiosk owner
– food stuff seller
– bread seller
– mai shai
– wheel barrow pusher
– mobile tailor
– Fruits seller
& many more..
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..
TraderMoni is about changing your level in life. So, the money grows as you pay back! You can get up to N100,000. Once you use the N10,000 well & pay back, you get N15,000, and then N20,000, and then N50,000, & then N100,000..
TraderMoni has NO INTEREST.
The only charge on TraderMoni is a 2.5% admin charge to support some of the payments to the people registering & capturing you. So, if you take N10,000, you will pay back only N10,250..
For your first loan (N10,000), you do not need a bank account. After your first loan, you will require a BVN and a bank account for the next loans (N15,000; N20,000; N50,000; and N100,000).
How Long Is The Trader Moni Loan?
You have 6 months to pay back your N10,000 Trader Moni loan. You are expected to make a small payment of N430 weekly for 6 months, you can pay back sooner and get a higher loan automatically.