Here is a guide on how to apply for FG Trader Moni loan scheme 2018 and get funding with the new TraderMoni scheme from the federal government.
Have you been looking for how to go about it? Don’t worry this article will tell you the best way to go about getting the TraderMoni loan scheme.
You will learn;
- how to register for the federal government loan scheme called “Trader Moni”
- FG Trader Moni Scheme registration.
Firstly before we go into that, ‘What is Trader Moni’?
The Trader Moni is designed to help petty traders expand their trade through the provision of collateral free loans of N10,000 by the federal government.
TraderMoni loan Application Scheme
The Trader Moni has launched in August 2018 in five markets in Lagos State recording thousands of beneficiaries already. Trader Moni was launched in partnership with the Bank of Industry (BOI) in order to enlarge government’s “financial inclusion agenda down to the grassroots, the bottom of the ladder, considering the contribution of petty traders and entrepreneurs 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 of time which is 6 months.
Basic Requirements for the MarketMoni/Trader Moni FG Loan Scheme.
- You must be a Nigerian citizen
- You must be 18 years and above in age
- You must be a business owner or a trader
- You must belong to one or two market cooperative union in your location
- You must have a valid means of identification
- You must have a valid BVN
- You must have a valid SIM/phone number that is registered with the service providers
How to register for the Federal Government Trader Moni Scheme
The Trader Moni online loan application portal has been created for the convenience of BOI’s prospective SME customers in the sense that they do not initially have to come physically to the Bank to submit their loan applications. It also has the advantage of shortening the loan processing Turn-Around-Time (TAT) of the Bank. The portal has document uploading capability as well as allows the loan applicant to select the preferred BOI State Office location where the application will be processed. The online loan application portal can be accessed on the Bank’s website: www.boi.ng/apply.
How to Use the Trader Moni Portal 2018
To use the TraderMoni website, kindly follow the instruction below;
- Go to our website: boi.ng
- Click on the “Apply for loan now”
- Now, Click on “Register here” to register your account.
- A verification link and tracking code will be sent to your registered email address; kindly login to your email and click on the verification link to verify and facilitate login.
- Once you’re logged in, kindly complete the application form, save and click on “continue” to submit the form.
A mail will be sent to your email address confirming receipt of the application.
Trader Moni Important Notice
Do note the following things below
- The first amount to receive will be the sum of N10,000. Once you are able to repay it, you will be granted access to receive N15,000 in your next application, etc.
- Do wait for the turn of your state and find out more from your market cooperative unions or visit the Bank of industry website
- The loans are repayable over a period of six months.
Closing Date for TraderMoni 2018
Trader Moni closing date have not been slated yet.