10 things to know about Trader-Moni

The Trader-Moni is currently one of the social investment programmes of the Federal Government which is currently being undertaken by the Bank of Industry. It provides an opportunity for petty traders. Daily Trust outlines 10 components of the programme for traders to understand better. Philip Shimnom Clement Trader Moni is a collateral-free loan that ranges […]

The Trader-Moni is currently one of the social investment programmes of the Federal Government which is currently being undertaken by the Bank of Industry. It provides an opportunity for petty traders. Daily Trust outlines 10 components of the programme for traders to understand better.

1. Philip Shimnom Clement Trader Moni is a collateral-free loan that ranges from N10,000 to N50,000 depending on your repayment.
2. All petty traders and artisans in Nigeria are eligible to access the loan.
3. Traders do not need Permanent Voters Card (PVC) to access the loan but must have a means of identification like the National Identity card or drivers licence.
4. The first loan of N10,000 can be accessed without Bank Verification Number (BVN), but will subsequently require a BVN and a bank account for higher loans up till N 50,000
5. Forms to access the social intervention programme is free as a trader only requires a valid phone number.
6. Strategic banks have been designated to repay the loans which are GTB, UBA, Ecobank, Union Bank, Union bank, Stanbic, Sterling, Wema, Fidelity, Heritage and Jaiz Bank.
7. Trader moni loan can be registered through a Trader Moni enumerator (also called “agent” in your area where they are strategically located to identify and register traders.
8. The Trader Moni will cover all the 36 states and the FCT.
9. Trader Moni has so far been launched in the states of Lagos, Kano, Abia, Akwa Ibom, Katsina, Osun, FCT, Cross River and Oyo
10. Over N20million worth of loans will be disbursed in the first phase of the programme.