Are you looking for Trader Moni 2021 Registration Portal? or How to Apply For Trader Moni Loan In Nigeria then follow the steps below here. The federal government of Nigeria, has rolled out a new soft loan scheme aimed at funding micro businesses in the country. The scheme to be called Trader Moni is meant to help very small scale traders easily get loans without collateral in Nigeria for the purpose of expanding their small businesses.
The new initiative was launched under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BOI).
MarketMoni is an Enterprise and Empowerment Programme (GEEP) created to provide financial aid for the under-banked and unbanked. This objective is being achieved by providing easy and quick loans at no interest rate.
Here is what you need to know to access a MarketMoni loan:
First, you must have a BVNNext, you must belong to an accredited market association or cooperative registered in your state or with the CAC. Third, your association or cooperative must indicate its interest in MarketMoni by submitting its information to BOI including its certificate of registration. You may either visit www.boi.ng/marketreg, call 0700-CALL-BOI (which is 0700-225-5264), visit any BOI office in the country, or go through your assigned State Focal Person to register your cooperative’s interest in MarketMoni. If your association or cooperative qualifies, a MarketMoni agent would be sent to your group promptly to capture your members for loan assessment.
Unlike the existing Government Enterprise and Empowerment Programme (GEEP) Market Moni loan scheme, which targets market women, traders, artisans and enterprising youths, the TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises.
Qualified registrants to MarketMoni will receive an electronic loan offer on your mobile device after which you receive loan disbursement in a matter of days!
Micro, Small and Medium businesses are the bedrock of the Nigerian economy.
The facts are clear: Nigerian has over 77 million MSMEs today, employing over 60 million of our people and contributing about 85% of our total labor force in the country. In its resolve to support and accelerate economic activity of MSMEs, the Federal Government has established MarketMoni.
MarketMoni, also known as the Government Enterprise and Empowerment Program (GEEP), issues interest-free loans to market women and traders, artisans, youth and farmers. It one of the social intervention programs of the Federal Government, and is being executed by the Bank of Industry. MarketMoni has kicked of disbursements to its early set of beneficiaries is expanding across the country.
Beneficiaries receive loans ranging from N10,000 to N100,000 per applicant for as long as 6 months. MarketMoni attracts no interest except a one-time 5% administrative fee. So far over 24,000 beneficiaries have accessed MarketMoni.
And the testimonies are rolling in from beneficiaries all over the country!
The Federal Government believes in the inherent capacity of every Nigerian; young or old, literate or illiterate to contribute immensely to the country’s economy. And so, the Federal Government is focused on economic empowerment of its people. The Federal Government identifies with Nigerians working hard to keep their businesses afloat, and will continue to expand economic opportunity for every-day Nigerians.
It commenced in December 2020. So far, BOI has recorded thousands of beneficiaries, working through a network of over market moni 5,000 agents, in all states of the federation.
GEEP MarketMoni directly impacts traders, market women, artisans, and farmers nationwide.
Beneficiaries typically belong to an accredited market association or cooperative group registered with their state’s Corporate Affairs Commission. They are required to own a bank account, a bank verification number and a mobile phone.
The loan, which only attracts a five per cent one-time administrative charge, is repayable within a period of six months, with two weeks grace period.
GEEP MarketMoni is the most ambitious microcredit scheme in the history of Nigeria, and the largest in Africa.
GEEP Market Moni 2021 Loan Requirements
- You must belong to a registered and accredited market association, cooperative or trade group
- You must have a valid BVN.
- Your market association, cooperative or trade group must nominate you for a loan and must be willing to stand in as your guarantor.
- Your market association, cooperative or trade group must be registered with BOI
- You must have a business location which will be verified by MarketMoni agents.
Speaking at the unveiling of ‘Trader Moni’ initiative at Ojuwoye market in Lagos, the Executive Director, Bank of Industry, Toyin Adeniji said that the programme which is activated nationwide will support 2 million Nigerians to grow their business by having access to loan in Nigeria irrespective of the status or level of education.
She disclosed that the goal of the scheme was to take financial inclusion down to the grass root whereby pure water seller, bread seller, food seller, okada rider among others can access loan without collateral in Nigeria to expand their business.
How To Apply For 2021 GEEP Market Moni Loan In Nigeria
Before you can apply for GEEP market moni loan in Nigeria, you must belong to an accredited market association or cooperative registered in your state or with the CAC. Your association or cooperative must indicate its interest in MarketMoni by submitting its information to BOI including its certificate of registration.
If your association or cooperative qualifies, a MarketMoni agent would be sent to your group promptly to capture your members for loan assessment.
You can submit GEEP market money loan application through the MarketMoni web portal ( http://www.marketmoni.com.ng) and you can also make us of paper market moni registration forms.
The agent will capture your details which will include :
- your full name
- date of birth
- home address
- phone number
- email address
- geo political zone
- trader type
Trader type could be :
- Food Stuff Vendor
- Product vendor
- Telcom Service Vendor
- Clothing and Wears Vendor
- Other Product/Service Vendor
After you complete your trader moni application, you will have to wait for a text message from trader moni. If you qualify, you will receive a text message with a code you will dial to get the funds.
How To Transfer Trader Moni To Bank Account
You can use eyowo mobile app to transfer trader moni to your bank account. You can download eyowo app from Google play store (for Android) or Apple app store (for iPhone, iPad). If you are not connected to the internet or you don’t own a smartphone or you simply prefer using USSD for transactions, simply dial *4255# and follow the prompts.
How To Pay Back Trader Moni Loan
The TraderMoni loan is designed for payback within the 6months to enable access for others. It is important that you apply for an amount you can repay comfortably over 6 months.
To repay your TraderMoni Loan, walk into any of the following banks, GTB, UBA, Ecobank, UnionBank, Stanbic, Sterling, Wema, Fidelity, Heritage, Jaiz.
As soon as you pay back, you can apply for trader moni loan of higher amount.
“At the beginning you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. All these stages have duration of six months interval to pay back.”
How To Find Trader Moni 2021 Registration Agents
You can check trader moni website for the contact of their agents across Nigeria. You can also ask @trader_moni on Twitter
Trader Moni 2021 Registration Loan Terms
- Loan Tenor: 6 Months
- Administrative Fee of 2.5% (No other charges).
Market Moni Registration Form
You can fill the market moni registration form at MarketMoni website. >> http://marketmoni.com.ng/
Trader Moni 2021 Registration Agents In Nigeria
You can view the list of market money agents per state in Nigeria at : http://marketmoni.com.ng/agent-network/
NB: GEEP Market moni is different from Trader Moni Initiative. TraderMoni gives you access to loan up to N50,000 while MarketMoni gives you up to N100,000 loan.
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