How to apply for the 2020 Trader Moni Loan Scheme – see Requirements and Application Portal – The federal government has launched a new initiative called “Trader Moni” to empower two million retailers across the country by the end of 2018. To apply for the micro credit program (Trader Moni), simply do the following: Visit the website www.boi.ng, navigate on the page and click on the “Apply for a loan now” button. Then select “Register here”.
Trader Moni was launched in August as part of the Government Enterprise and Empowerment Program (GEEP).
The microcredit program would provide retailers in every state and capital city area (FCT) with at least 30,000 loan facilities, a statement by Laolu Akande, spokesman for incumbent President Yemi Osinbajo, said.
The Trader Moni program was designed to help retailers expand their trade by providing at least N 10,000 collateral free loans that can be repaid over a six month period.
Beneficiaries are said to be able to access higher credit facilities between N 15,000 and N 50,000 if they repay within the six-month loan term.
Trader Moni Loan Program 2020/2021 Requirements:
– You must be a Nigerian citizen and be at least 18 years old
– A business owner or dealer
– Be an active member of a market cooperation union at your location
– have a valid means of identification
– Must have a valid BVN
– A valid SIM / telephone number must be properly registered under your name with one of the service providers (MTN, 9moblie, Airtel, Glo, etc.).
How do I apply? Trader Moni Loan Program 2020/2021:
Trader Moni is registered in two ways, physical and online. Physical registration can only be done at the Bank of Industry (BOI) centers.
However, checking out the online can application will speed up the process before contacting the Bank of Industry to complete the process.
Via the portal, applicants can upload their documents and find access to the preferred BOI state office, where they can complete the processing.
Conditions of use:
In order to ensure that fraud is not open to participation, the Federal Government has estimated the amount of money to be received for the first application at N 10,000. However, if the first money received is paid out on time within the next six months, the applicant can receive the next N 15,000.
Steps to start the online application for Trader Moni:
Simply follow the steps below to apply for the micro credit program (Trader Moni):
- Visit the website www.boi.ng.
- Navigate the page and click the “Apply for Loan Now” button
- Next, select “Register here”.
- Provide the correct information about yourself. (Name, phone number, email, etc.)
- A confirmation link and a tracking code will then be sent to the email you provided
- Now click on the confirmation link to register.
- Once you are logged in, fill out the application form, save it and click “Next”.
- You will receive an email confirming that the application has been received
- You will then be informed of the next step you should take.
If problems or difficulties arise during the process, applicants are expected to call BOI Customer Service (+234) 0700-CALL-BOI or BOI website, www.boi.ng.
In the meantime, the collateral-free loan is part of the federal government’s national social investment program as part of the government’s program for business and empowerment, which is intended to strengthen the federal government’s commitment to bridge the credit gap and strengthen Nigerians at the grassroots level.
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