How to Apply for “Trader Moni” Loan Scheme [Step by Step]

Farouk Mohammed October 9, 2018

2 minutes read

Trader Moni

The federal government (FG) launched a new initiative, identified as “Trader Moni”, to empower two million petty traders across the country between now and the end of 2018.

Trader Moni was launched under the Government Enterprise and Empowerment Programme (GEEP) in August.

The microcredit scheme would grant a minimum of 30,000 loans to petty traders in each state and the federal capital territory (FCT), revealed in a statement issued by Laolu Akande, spokesman to Acting President Yemi Osinbajo had said.

The Trader Moni scheme was designed to help petty traders expand their trade through the provision of collateral-free loans of at least N10,000 which would be repayable within a six-month period.

According to the statement, beneficiaries can get access to higher loan facilities ranging from N15,000 to N50,000 if they repay within the six-month loan term.

Requirements for Trader Moni loan Scheme 2018/2019:

You must be a Nigerian citizen and aged 18 or older
A business owner or trader
Be an active member within any market cooperation union within your location
Have a valid means of identification
Must possess a valid BVN
Must have a valid SIM/phone number properly registered under your name with any of the service providers (MTN, 9moblie, Airtel, Glo etc).

How to Apply for Trader Moni loan Scheme 2018/2019:

Trader Moni registration is in two forms, namely; physical and online registration. Physical registration can only be done at the Bank of Industry(BOI) centres.

However, checking out the online can application will hasten the process before going to the Bank of Industry to complete the procedure.

The portal gives applicants access to upload their documents and find access to the preferred BOI State office where they can finish the processing.

Conditions with regards to the application:

To ensure that participation is not open to fraudsters, the Federal Government placed the amount of money to be received on the first application at a flat N10,000. However, if the first money received is paid on time, within the next six months, the applicant will be eligible to receive the next N15,000.

Steps to begin Trader Moni online application:

To apply for the microcredit scheme (Trader Moni), simply use the steps below:

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 verification link and tracking code will then be sent to the email you provided
Now click on the verification link to log in.
Once logged in, complete the application form, save and click on “continue”
You will be sent an email confirming that the application has been received
Subsequently, you will be informed of the next step, you should take.

In there are issues or difficulties encountered during the process, the applicants are expected to call BOI Customer care on (+234) 0700-CALL-BOI or BOI website, www.boi.ng.

Meanwhile, the collateral-free loan is part of the Federal Government’s National Social Investment Programme under the Government Enterprise and Empowerment Programme meant to reinforce the Federal Government’s commitment to bridge the credit gap and empower Nigerians at the grassroots.