Getting a loan can be a challenging process, especially without collateral. Loan providers approach lending with caution due to the inherent risk of non-repayment. This is where Trader Moni steps in as a game-changer for petty traders and creatives in Nigeria.
In this post, we’ll delve into what Trader Moni is and why it could be the perfect solution for those in search of a loan.
What is Trader Moni?
Trader Moni is a unique loan provision scheme established by the federal government of Nigeria, under the Government Enterprise and Empowerment scheme. It’s tailored specifically for petty traders and creatives, and it operates in conjunction with Market Moni. The Bank of Industry oversees the execution of this program.
How does Trader Moni work?
The fundamental idea behind Trader Moni is to offer interest-free loans to petty traders and artisans. As borrowers repay their loans, their credit scores increase, making them eligible for larger loan amounts in the future.
Eligibility Criteria
One of the standout features of Trader Moni is its accessibility. Any petty trader or craftsman in Nigeria can apply for a loan, provided that the initial loan amount of ₦10,000 can significantly benefit their business. This includes a wide range of small-scale businesses such as kiosk owners, foodstuff sellers, cobblers, tailors, fruit vendors, and even motorcycle and tricycle (Keke) riders.
Loan Amounts and Repayment
Trader Moni offers varying loan amounts, starting from a base of ₦10,000. As borrowers repay their loans, they become eligible for higher amounts, up to a maximum of ₦100,000. Repayment is structured over six months, with a weekly payment of ₦430. However, for those aiming for higher loan amounts, a three-month repayment option is available, requiring a weekly payment of ₦860.
Bank Account Requirement
Unlike traditional bank loans that necessitate an existing account with the lending institution, Trader Moni loans are administered directly to the states in Nigeria, obviating the need for an initial bank account for the first loan. However, subsequent loans will require a Bank Verification Number (BVN) and a linked bank account.
Conclusion
Trader Moni stands as a beacon of hope for petty business owners in need of financial assistance. This micro-lending platform offers a lifeline for those seeking to grow their businesses without the traditional hurdles of collateral or complex application processes. If you’re a petty trader or craftsman in Nigeria, Trader Moni could be the catalyst your business needs. Don’t miss out on this opportunity to take your business to new heights. Apply for Trader Moni today!