Trader moni is not just about collecting money to fund your business, its about you being able to pay up your loan with little interest so you can qualify for a higher amount, which in turn would help boost your business further.
The Federal Government through the Bank of Industry (BOI) recently rolled out a soft loan scheme called TraderMoni aimed at funding micro businesses in Nigeria.
You may be wondering how you can pay back the trader moni loan you collected and where to pay it back.
In this post we will be guiding you on the right steps you must take to pay back your Trader Moni Loan and get another higher amount. This is a Weekly Loan Repayment Schedule that would be very beneficial to you.
PLEASE NOTE- It is required/ advised that all beneficiaries pay back their Trader Moni loan every week to enable them meet up with the payment deadline which is within 6 months, this will enable them collect a higher loan up to 50,000 naira.
The trader who receives the grant of N10,000 is required to be payback N430 every week for 6 months (or sooner) to expand their business.
Traders who payback will AUTOMATICALLY be entitled to another LOAN of N15,000, and then N20,000, and then N50,000. Isn’t this amazing?
TraderMoni is targeted at micro-retailers, for example, bread sellers, hawkers, okada riders, plantain sellers, garri sellers or those who are doing very small businesses and for whom a loan of N10,000 – and growing up to N50,000 – can be of benefit. These everyday hardworking Nigerians are eligible to benefit from the scheme to expand their micro businesses.
TRADER MONI LOAN AND INTEREST
First, you will be given ₦10,000. When you pay back ₦10,250 before or within 6 months, government will give you ₦15,000 loan.
When you collect ₦15,000, and you pay back ₦15,375 before or within 6 months, government will give you ₦20,000 loan.
When you collect ₦20,000, and pay back ₦21,000 before or within 6 months, government will give you ₦50,000 loan.
When you collect ₦50,000, and payback ₦52,500 before 6 months, then government will give you a gigantic amount of ₦100,000 loan that you will as well pay back for 6 months.
LIST OF APPROVED BANKS TO REPAY YOUR TRADER MONI LOAN
To pay back your Trader Moni Loan, you can walk into any of the below listed banks to pay back the loan;
- GT Bank
- UBA
- Union bank
- Eco Bank
- Fidelity bank
- Wema bank
- Heritage Bank
- Jaiz bank
- Stanbic Bank
- Sterling Bank
If you have any further questions, feel free to ask us using the comment box below.
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