The N10,000 Trader Moni Micro Credit Scheme (Trader Moni Loan) is a micro-credit scheme to cater for ultra-micro enterprises according to its objective. The policy of the Federal Government is to support businesses, not only big business but particularly small, medium-sized businesses and micro businesses.
In essence, the whole idea is that the government want to ensure support whether it is cash or it is otherwise to micro businesses.
However, many Nigerians have come with an insinuation the whole scheme is motivated towards campaigning for the 2019 general elections.
For a clearer understanding of the Trader Moni Micro Credit Scheme, here are eighteen things you need to know.
1. WHAT IS TRADER MONI?
Trader-Moni is a collateral-free loan programme created by the Federal Government specifically for petty traders and artisans across the country.
2. WHY DID GOVT CREATE TRADER MONI?
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.
3. IS TRADER MONI A BANK OF INDUSTRY LOAN?
No, Trader-Moni is a special intervention by the Federal Govt, the loan is only being administered by Bank of Industry.
4. WHO IS ELIGIBLE FOR TRADER MONI?
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 the Trader Moni loan.
5. IS N10,000 THE ONLY LOAN AMOUNT AVAILABLE?
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.
6. IS THERE INTEREST ON TRADER MONI LOAN?
Trader Moni is interest-free! You pay back the amount you take.
7. DO I NEED BVN FOR TRADER MONI?
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).
8. DO I NEED PVC FOR TRADER MONI?
You don’t need PVC to register for Trader Moni and collect a loan. PVC is NOT a requirement.
9. WHERE CAN I GET TRADER MONI FORM?
There is no form for Trader Moni and registration is absolutely free. All you need is a phone number to register.
10. IS TRADER MONI FOR ONLY SOME STATES?
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.
11. I CANNOT SELL AT THE MARKET, BUT I‘M A PETTY TRADER. HOW WILL I GET REGISTERED?
If you‘re a petty trader & do not sell in a market, open cluster, or busy hub/street, a team of agents will be sent out every month to seek out qualified petty traders who are not in hubs/markets. You may also call 0700-6275-386 or 0700-1000-200 to express your interest and state your location; Trader Moni will do their very best to accommodate you.
12. WHAT IS A MARKET ACTIVATION?
Market activations are like “launch” events to announce the presence of TraderMoni 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.
13. CAN I REPAY CASH THROUGH AN AGENT?
NO. 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 TraderMoni and you will be counted as still owing.
14. HOW DO I REPAY A TRADERMONI LOAN?
To repay your TraderMoni loan, walk into any of the following banks: GTB, UBA, Ecobank, UnionBank, Stanbic, Sterling, Wema, Fidelity, Heritage, Jaiz.
15. WHERE CAN I BE ENUMERATED?
You can be enumerated at your point of trade (where you sell), or where you buy your goods before transporting for sale (e.g at the bakery for bread sellers). As long as you’re eligible, you can be enumerated wherever there is a TraderMoni agent.
16. WHO IS AN ENUMERATOR AND HOW CAN I FIND THEM?
Trader Moni enumerators are agents of TraderMoni working on the field, in your market, trade cluster, or place of business.
17. HOW DO I REGISTER FOR A TRADERMONI LOAN?
Register for the Trader Moni loan through a TraderMoni Enumerator (also called “agent”) in your area. TraderMoni has agents in every state today, identifying and registering eligible petty traders and artisans.
18. WHO DO I CALL, OR WHERE DO I GO, IF I HAVE QUESTIONS?
If you have questions, you may call 0700-6275-386 or 0700-1000-200. Contact Details: For enquiries about Trader Moni, call 0700-6275-386 or 0700-1000-200.