Under this program, eligible traders can apply for loans to purchase goods, expand their businesses, and cover other expenses. The loans have a repayment period of six months, and the interest rate is very competitive, making it an attractive option for small business owners.
To qualify for the loan, applicants must be a Nigerian citizen, have a valid means of identification, and be involved in a legitimate business. The loan is available to traders who have been in business for at least six months and have a bank account.
The TraderMoni scheme is being implemented by the Bank of Industry (BOI) in collaboration with the Government Enterprise and Empowerment Programme (GEEP). The program is being rolled out in phases, starting with the market women and traders in Lagos, Kano, Abia, and the FCT.
The application process is straightforward and can be done through a mobile app or by visiting the designated registration centers in the participating states. The registration centers are located in the markets and other public places, making it easy for traders to apply for the loan.
Once the application is approved, the loan will be disbursed through the trader’s bank account, and repayment can be made through the same account.
The TraderMoni scheme has been well received by traders and small business owners who are happy to access affordable credit to grow their businesses. The loan has already been disbursed to thousands of traders across the country, and the government is committed to ensuring that more traders and small businesses benefit from the scheme.
In conclusion, the TraderMoni scheme is an excellent opportunity for small business owners and traders to access affordable credit to grow their businesses. With loans ranging from ₦50,000 to ₦300,000 at an interest rate of 2.5%, the scheme is a great option for anyone looking to expand their business. If you’re a trader or small business owner, visit the designated registration centers in the participating states and apply for the TraderMoni loan today!