Trader Moni: Everything you must know (latest update)

Overview

Are you looking for FG Trader Moni Registration Form Portal? or How to Apply For Trader Moni Loan In Nigeria then follow the steps below here. The federal government of Nigeria, has rolled out a new soft loan scheme aimed at funding micro businesses in the country. The scheme to be called Trader Moni is meant to help very small scale traders easily get loans without collateral in Nigeria for the purpose of expanding their small businesses.

The new initiative was launched under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BOI).

Trader Moni
Trader Moni

MarketMoni is an Enterprise and Empowerment Programme (GEEP) created to provide financial aid for the under-banked and unbanked. This objective is being achieved by providing easy and quick loans at no interest rate.

What you need to know about MarketMoni loan:

First, you must have a BVNNext, you must belong to an accredited market association or cooperative registered in your state or with the CAC. Third, your association or cooperative must indicate its interest in MarketMoni by submitting its information to BOI including its certificate of registration. You may either visit www.boi.ng/marketreg, call 0700-CALL-BOI (which is 0700-225-5264), visit any BOI office in the country, or go through your assigned State Focal Person to register your cooperative’s interest in MarketMoni. If your association or cooperative qualifies, a MarketMoni agent would be sent to your group promptly to capture your members for loan assessment.

Unlike the existing Government Enterprise and Empowerment Programme (GEEP) Market Moni loan scheme, which targets market women, traders, artisans and enterprising youths, the TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises.

Qualified registrants to MarketMoni will receive an electronic loan offer on your mobile device after which you receive loan disbursement in a matter of days!

Micro, Small and Medium businesses are the bedrock of the Nigerian economy.
The facts are clear: Nigerian has over 77 million MSMEs today, employing over 60 million of our people and contributing about 85% of our total labor force in the country. In its resolve to support and accelerate economic activity of MSMEs, the Federal Government has established MarketMoni.

MarketMoni, also known as the Government Enterprise and Empowerment Program (GEEP), issues interest-free loans to market women and traders, artisans, youth and farmers. It one of the social intervention programs of the Federal Government, and is being executed by the Bank of Industry. MarketMoni has kicked of disbursements to its early set of beneficiaries is expanding across the country.

Beneficiaries receive loans ranging from N10,000 to N100,000 per applicant for as long as 6 months. MarketMoni attracts no interest except a one-time 5% administrative fee. So far over 24,000 beneficiaries have accessed MarketMoni.

And the testimonies are rolling in from beneficiaries all over the country!

The Federal Government believes in the inherent capacity of every Nigerian; young or old, literate or illiterate to contribute immensely to the country’s economy. And so, the Federal Government is focused on economic empowerment of its people. The Federal Government identifies with Nigerians working hard to keep their businesses afloat, and will continue to expand economic opportunity for every-day Nigerians.

It commenced in December 2020. So far, BOI has recorded thousands of beneficiaries, working through a network of over market moni 5,000 agents, in all states of the federation.

GEEP MarketMoni directly impacts traders, market women, artisans, and farmers nationwide.

Beneficiaries typically belong to an accredited market association or cooperative group registered with their state’s Corporate Affairs Commission. They are required to own a bank account, a bank verification number and a mobile phone.

The loan, which only attracts a five per cent one-time administrative charge, is repayable within a period of six months, with two weeks grace period.

GEEP MarketMoni is the most ambitious microcredit scheme in the history of Nigeria, and the largest in Africa.

GEEP Market Moni Loan Requirements

Trader Moni
Trader Moni
  • You must belong to a registered and accredited market association, cooperative or trade group
  • You must have a valid BVN.
  • Your market association, cooperative or trade group must nominate you for a loan and must be willing to stand in as your guarantor.
  • Your market association, cooperative or trade group must be registered with BOI
  • You must have a business location which will be verified by MarketMoni agents.

Speaking at the unveiling of ‘Trader Moni’ initiative at Ojuwoye market in Lagos, the Executive Director, Bank of Industry, Toyin Adeniji said that the programme which is activated nationwide will support 2 million Nigerians to grow their business by having access to loan in Nigeria irrespective of the status or level of education.

She disclosed that the goal of the scheme was to take financial inclusion down to the grass root whereby pure water seller, bread seller, food seller, okada rider among others can access loan without collateral in Nigeria to expand their business.

She stated: “This ‘Trader Moni’ initiative is a mobile phone driven, after your details have been captured by agent and send to BoI system for validation, within 48 hours you will get cash notification in your mobile wallet account. You can either transfer the cash to your bank account or cash it out in any mobile money agent around.

“At the beginning you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. All these stages have duration of six months interval to pay back.”

The bank’s chief stated that BoI was in partnership with other banks such as Fidelity Bank, Wema Bank, GTBank, UBA, Heritage Bank, Stanbic Bank, Sterling Bank, Union Bank and Jaiz Bank to make paying back the loans easier. The trader just needs to visit any of the banks or key in with a BoI-GEEP agent to pay direct. Repayments can be made to BOI-GEEP loan account under PayDirect at banks.

Chief Operating Officer of GEEP, Mr. Uzoma Nwagba, said there are other products such as the ‘Farmers Moni’, which provides farmers the opportunity to access loans up to N300,000. Also, there is ‘Market Moni’, which issues interest-free loans between N50,000 and N100,000 to market women, traders and artisans that are a bit bigger and more structured. These products are available nationwide. He urged beneficiaries to do their best to pay back the loans so that others can get the opportunity to benefit from the programme.

NB : If you fail to repay the loan, your beneficiary’s Bank Verification Number  (BVN) might be blocked.

How To Apply For GEEP Market Moni Loan In Nigeria

Before you can apply for GEEP market moni loan in Nigeria, you must belong to an accredited market association or cooperative registered in your state or with the CAC. Your association or cooperative must indicate its interest in MarketMoni by submitting its information to BOI including its certificate of registration.

If your association or cooperative qualifies, a MarketMoni agent would be sent to your group promptly to capture your members for loan assessment.

You can submit GEEP market money loan application through the MarketMoni web portal ( http://www.marketmoni.com.ng) and you can also make us of paper market moni registration forms.

The agent will capture your details which will include :

  • your full name
  • date of birth
  • gender
  • home address
  • phone number
  • email address
  • geo political zone
  • trader type

Trader type could be :

  • Food Stuff Vendor
  • Product vendor
  • Telcom Service Vendor
  • Clothing and Wears Vendor
  • Other Product/Service Vendor

After you complete your trader moni application, you will have to wait for a text message from trader moni. If you qualify, you will receive a text message with a code you will dial to get the funds.

How To Transfer Trader Moni To Bank Account

You can use eyowo mobile app to transfer trader moni to your bank account. You can download eyowo app from Google play store (for Android) or Apple app store (for iPhone, iPad). If you are not connected to the internet or you don’t own a smartphone or you simply prefer using USSD for transactions, simply dial *4255# and follow the prompts

How To Pay Back Trader Moni Loan

The TraderMoni loan is designed for payback within the 6months to enable access for others. It is important that you apply for an amount you can repay comfortably over 6 months.

To repay your TraderMoni Loan, walk into any of the following banks, GTB, UBA, Ecobank, UnionBank, Stanbic, Sterling, Wema, Fidelity, Heritage, Jaiz.

As soon as you pay back, you can apply for trader moni loan of higher amount.

At the beginning you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. All these stages have duration of six months interval to pay back.”

How To Find FG Trader Moni Registration Agents

You can check trader moni website for the contact of their agents across Nigeria. You can also ask @trader_moni on Twitter

FG Trader Moni Registration Loan Terms

  • Loan Tenor: 6 Months
  • Administrative Fee of 2.5% (No other charges).

Market Moni Registration Form

You can fill the market moni registration form at MarketMoni website. >> http://marketmoni.com.ng/

FG Trader Moni Registration Agents In Nigeria

You can view the list of market money agents per state in Nigeria at :  http://marketmoni.com.ng/agent-network/