TraderMoni is a loan initiative of the federal government (FG), which aimed at providing funding for entrepreneurs across Nigeria. In this post, we will provide guide on how to apply for TraderMoni loan in Nigeria.
Tradermoni loan is specifically for Nigerian petty traders and artisans. It is a part of the Government Enterprise and Empowerment Programme (GEEP) overseen by Bank of Industry (BOI). Other free-interest loan available under GEEP are: MarketMoni loan, N-power loan, Farmermoni loan, NEXIT loan,
TraderMoni offers beneficiaries loan starting from N10,000 to N100,000 at no interest rate. The accessible loan amount increases as you pay back.
For example: if you borrow N10,000 as a first timer, when you pay back the money, you will be eligible to borrow higher amount (N15,000). After paying back the N15,000 loan, you will qualify for a N20,000 loan; and N50,000; and N100,000.
Requirements for TraderMoni loan
- Applicants must be a Nigerian citizen by birth
- Must not be less than 18 years
- Applicants must be a trader or own a business.
- Must belong to a registered market cooperative union
- Valid identification such as national id card or voter’s card is needed.
- Must have active phone number.
How to apply for TraderMoni (Online application Online Guide)
Follow the steps below to apply for TraderMoni loan;
- Visit TraderMoni application portal at https://boi.ng
Click on ‘REGISTER’ link
Fill the form with your details as below
You will receive a verification link and tracking code on your email to facilitate login.
Login to complete the application form, and submit.
After that an email will be sent to you confirming the receipt of your application.
the prompt instructions.
TraderMoni offline Application guide
To register for TraderMoni offline, follow the steps below;
Locate any accredited TraderMoni agent in your area, and fill the loan application form. After filling the form, the Federal Government will send you a text message with a reference code which you will dial to get the fund.