Obtaining a loan is difficult. Anyone who has ever applied for and received a loan can attest to the fact that the process can be time-consuming, especially in the absence of collateral. There is a risk that loans will never be repaid, making money lending a serious business for loan providers. So, what should you do if you need a loan? Trader Moni.

This article will explain what Trader Moni is and why you should consider it if you are seeking a loan.

What is Trader Moni?

Trader Moni is a loan provision programme established by the federal government of Nigeria, similar to Market Moni, but it is distinct in that it is tailored to small traders and creatives in Nigeria. It is a microlending instrument within the Government Enterprise and Empowerment program, which was established to support local enterprises and crafts. The Bank of Industry carries out the program.

How does Trader Moni work?

It operates on the principle of providing interest-free loans to small business owners and artisans. The more you borrow and repay, the higher your credit scores will be, allowing you to obtain additional loans.

Who can get a loan from Trader Moni?

Different levels of Trader Moni loans offer varying amounts. You begin with a starting loan of 10,000. Once the loan is repaid, you become eligible for the subsequent quantity, which is 15,000. The quantity available to you increases as you repay your loans, up to a maximum of 100,000. If you repay your loan within three months, you are immediately eligible for the next amount.

How long do I have to pay back Trader Moni loans?

Six months have passed. You are responsible for paying 430 per week for six months. To become automatically eligible for larger quantities, however, you can repay the loan in three months by making weekly payments of ₦860. As soon as you are able to repay a loan within six months, you become eligible for a larger loan in the future.

Do I need a bank account for Trader Moni?

Unlike traditional bank loans in Nigeria, which require you to maintain a bank account, Trader Moni loans are administered to the states in Nigeria and therefore do not require you to maintain a bank account for the initial loan. However, subsequent loans require a BVN and a bank account. The Bank of Industry administers the loans to the provinces.

Conclusion

The loan platform provides financial assistance to small business proprietors who require a modest boost to maintain their operations. If you fit this description, then Trader Moni is exactly what you need.