The Trader Moni Loan programme is a non-profit initiative created by the Federal Government of Nigeria to support the business petty traders.
Trader Moni offers loans for people who need a small capital to grow their business. Technically, TraderMoni is designed to make it easy for small-scale businesses and petty traders to get loans in Nigeria.
The interest rate and repayment structure of some financial institutions have intimidated the loanee. However, the case is different with Trader Moni because it is interest-free and requires no collateral.
You can check the requirements below to see if you are eligible to get the trader moni loan.
- You must be up to 18 years and above.
- You must be a Nigerian.
- You must be a member of any cooperative society.
- You must be business owners.
- You must have a SIM card.
- Applicant must have any valid means of identification.
How to apply
You must strictly adhere to the following steps if you are keen on applying for the trader moni loan.
- Visit a Trader Moni Agent In Your Area.
- Give your details to the agent, who in turn captures your details.
- For verification purposes, a text message with a code will be sent to your phone.
- Save the code in the message.
- Pick up your cash.
Trader Moni loan is interest-free. This means that loanees get to repay the money they received as no interest rate is attached to the money received.
Other Popular Banks That Gives Loans In Nigeria:
- Federal Government Agricultural Loan
- Trader Moni Loan
- Bank Of Agriculture Nigeria Loan
- Branch Loan
- Quickteller Loan
- Lapo Microfinance Bank Loan
- Alat Loan
The Trader Moni repayment structure is flexible for any individual. You’re given 6 months to repay your first N10,000.
The N10,000 loan plan allows you to repay N430 every week or pay N860 every week if you want to repay faster.
After you must have repaid your initial loan, you’ll be qualified to get a higher loan.
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Pros & Cons
Trader Moni has no mobile app. However, you can visit the website to read more details and get information on anything you need.
Branches & Head Office
Trader Moni has no head office or branch in Nigeria. However, you can get in touch with a trader moni agent close to you. Click here to see the contacts of Trader Moni coordinators in Nigeria. Hopefully, you can find an agent in your state.
Here are some other Banks that offer loans in Nigeria: Bank Of Agriculture Nigeria Loan,Trader Moni Loan,Palmcredit Loan Nigeria