Petty traders and artisans across Nigeria are in for a good news, as the Federal Government of Nigeria has launched a new a program that will be of benefit to them. The initiative is tagged Trader Moni. This post contains all the information you need to know about Trader Moni, such as its frequently asked questions and answers, plus the states in Nigeria it has been launched.
Trader Moni Frequently Asked Questions and Answers
Q: WHAT IS TRADER MONI?
A: Trader Moni is a collateral-free loan programme created by the Federal Government specifically for petty traders and artisans across the country.
Q: WHY DID GOVT CREATE TRADER MONI?
A: Over 20 million Nigerians that are in petty businesses are in dire need of capital to expand, but are unable to access loans to trade. Trader Moni is for them.
Q: IS TRADER MONI A BANK OF INDUSTRY LOAN?
A: No, Trader-Moni is a special intervention by the Federal Govt, the loan is only being administered by Bank of Industry Nigeria
Q: WHO IS ELIGIBLE FOR TRADER MONI?
A: If you are a petty trader or an artisan in Nigeria, and N10,000 can help your business today, then you are eligible to collect Trader Moni loan.
Q: IS N10,000 THE ONLY LOAN AMOUNT AVAILABLE?
A: Trader Moni loan starts from N10,000 but you can collect as much as N100,000. When you pay one loan, you qualify for a higher amount immediately.
Q: IS THERE INTEREST ON TRADER MONI LOAN?
A: Trader Moni is interest-free! You pay back the amount you take.
Q: DO I NEED BVN FOR TRADER MONI?
A: You can collect the first loan of N10,000 without BVN or bank account. After your first loan, you will require a BVN and a bank account for the next loans (N15,000; N20,000; N50,000; and N100,000)
Q: DO I NEED PVC FOR TRADER MONI?
A: You do not need PVC to register for Trader Moni and collect loan. PVC is not a requirement.
Q: WHERE CAN I GET TRADER MONI FORM?
A: There is no form for Trader Moni and registration is absolutely free. All you need is a phone number to register.
Q: IS TRADER MONI FOR ONLY SOME STATES?
A: Trader Moni will cover all the 36 states and the FCT by the end of this year. At least 2 million loans will be disbursed.
Q: I CANNOT SELL AT THE MARKET, BUT I AM A PETTY TRADER. HOW WILL I GET REGISTERED FOR TRADER MONI?
A: If you are a petty trader and do not sell in a market, an open cluster, or a busy hub or street, a team of agents will be sent out every month to seek out qualified petty traders who are not in busy hubs, markets or trade clusters. You may also call 0700-6275-386 or 0700-1000-200 to express your interest and state your location; we would do our very best to accommodate you.
Q: WHO IS A MARKET ACTIVATION?
A: Market activations are like “launch” events to announce the presence of Trader Moni in a state. However, it is not the start of Trader Moni in the state, as the programme has already started in every state nationwide.
Q: CAN I REPAY CASH THROUGH AN AGENT? NO.
A: You should NEVER pay back your Trader Moni loan to anyone outside of a commercial bank or a licensed mobile money agent, otherwise the payment will not be recognised by Trader Moni and you will still owe.
Q: HOW DO I REPAY A TRADERMONI LOAN?
A: To repay your Trader Moni loan, walk into any of the following banks: GTB, UBA, Ecobank, UnionBank, Stanbic, Sterling, Wema, Fidelity, Heritage, Jaiz.
Q: WHERE CAN I BE ENUMERATED?
A: You can be enumerated at your point of trade (where you sell your market). You can also be enumerated where you buy your goods before transporting for sale (for example, at the bakery for bread sellers) Wherever there is a Trader Moni agent, they would be able to enumerate you as long as you are eligible.
Q: WHO IS AN ENUMERATOR AND HOW CAN I FIND THEM?
A: Trader Moni numerators are agents of Trader Moni working on the field, in your market, trade cluster, or place of business.
Q: HOW DO I REGISTER FOR A TRADERMONI LOAN?
A: Register for the Trader Moni loan through a Trader Moni Enumerator (also called “agent”) in your area. Trader Moni has agents in every state today, identifying and registering eligible petty traders and artisans.
Q: WHO DO I CALL, OR WHERE DO I GO, IF I HAVE QUESTIONS?
A: If you have questions, you may call 0700-6275-386 or 0700-1000-200.
For enquiries about Trader Moni, call 0700-6275-386 or 0700-1000-200.
States in Which Trader Moni Has Been Launched
- Lagos: 7th August 2018
- Kano: 18th August 2018
- Abia: 20th August 2018
- Akwa Ibom: 21st August 2018
- Katsina: 1st September 2018
- Osun: 3rd September 2018
- FCT: 6th September 2018
- Kogi: 8th September 2018
- Cross River: 11th September 2018
- Oyo: 13th September 2018
These are all the important information you need to know about Trader Moni. Feel free to share this post by using the social share icons found on this page.