When the Federal government launched the Trader Moni Loan, it did so at a time when a lot of people questioned how much it had the welfare of the masses at heart.
On “what is the code for Trader Moni?”, you can check the previous article on Trader Moni USSD code
The main purpose of the piece is to answer “How to apply for Trader Moni Loan?”, and you would find more on that info here.
How to register for Trader Moni Loan
To get started on the registration, bear in mind that the process is done online, and as such, it is easier.
All you need to do is visit the Bank of Industry Loan website; this might sound weird, but don’t worry – Bank of Industry is the vehicle institution for Trader Moni. It’s not their initiative, but they help the Federal Government bring the scheme closer to people.
The website is www.boi.ng and once it is loaded up, look around for the “Apply for Loan now” button; when you find it, click it.
This brings another button which says “Register here”; you click on the button to open an account. Once done, you get a verification link (which is to validate you, of course) coupled with a tracking code. This means you can login at this point.
When you have successfully logged in, you would still have to finish up on the application form; fill in the required fields, and then click on “Continue” when you’ve saved the form to submit it.
All you have to do at this point, is sit back and wait; an email would be sent to the email address you provided at the beginning of the sign up; the email is basically to confirm that the right quarters have received your application.
What is Trader Moni all about?
Trader Moni is a Federal Government programme piloted by the Bank of Industry under GEEP (Government Enterprise and Empowerment Programme) for the purpose of soft loan distribution.
It has been set up in all the 36 states of the federation after a successful launch in Lagos state; each state is expected to have access to N30,000 loan package.
The scheme is open to small traders majorly and those whom want to start small scale businesses; this is evident in the collateral-free nature of the loans and the small interest on it.
As far as the amount of money available for loan goes, there is a Starter Package which is N10,000. The Package is increased once the loan is repaid within 6 months, and you can be eligible to up to N50,000.
The interest rate is incredibly low, maxing out at 0.05%; when you get the first loan package, the interest rate is 0.025% which means that you get to pay back N10,250 within 6 months. This makes sense since it is a Federal Government initiative, aimed at alleviating the welfare woes of small traders.
Of course, you would need a bank account for Trader Moni; that’s the way it can be formalized and everyone would be accountable.
However, they also realize that it’s not everyone that has a bank account, and in the
population of small and petty traders, that number is higher, which is why you could also access Trader Moni with mobile money agents.
Conclusion on Get Trader Moni Loan – Steps To Apply Today 2020 [Updated]
With the spate of high interest loans and the lack of tangible collateral the banks demand,
it is nice to see an initiative such as Trader Moni. A lot of people have been wondering how
they quickly get soft loans that would enable them kickstart whatever small business they have.
The Federal Government has launched Trader Moni as a means of addressing that issue; and while it might not concern you, there are a lot of people (mostly market men and women) who would appreciate every little soft loan they can find, as it would go a long way in boosting their business, and giving them peace of mind at the same time.