We have been receiving quite a few number of questions from concerned readers of our site about the ongoing Trader Moni Scheme 2020, we hope to address the issue and also guide everyone on the processes involved so as to ensure they can successfully apply for the Trader Moni Program 2020.
The target of the BoI loan is two million Trader Moni beneficiaries across the country between now and the end of the year.
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What is Trader Moni?
Trader Moni, is a mobile phone-driven scheme introduced by the Bank of Industry (BoI) to support businesses with collateral-free loans (this means you can collect loans without submitting any property).
Who is Eligible to Receive Loan from Trader Moni?
The loan is specifically designed for petty traders anywhere in Nigeria.
How can a Trader get Access to the Loan?
The petty trader can approach any mobile money agent around and supply his/her details. The details are captured by a Trader Moni agent and sent to the Bank’s system for validation and within 48 hours, the trader gets cash notification or credit alert in his/her mobile wallet account.
How much can I get from Trader Moni?
Well, the loans start from N10,000 and can go up to N50,000, but this depends on the trader’s ability to pay back the loan within the six months grace period.
The Executive Director of BoI, Toyin Adeniji explained, that a starter can access N10,000 and pay back N10,250 to qualify for N15,000.
“Once you pay back N15,375, you will qualify for N20,000 loan and when you pay back N21,000, you will get N50,000.
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How does the money get to me?
The cash can either be transferred to the beneficiary trader’s bank account or cashed at any mobile money agent.
Please note – Bank of Industry has engaged no fewer than 4,000 enumeration agents to identify the Beneficiaries.
The Programme has successfully reached Mushin, Ikotun, Agege, Ketu, and Abule Egba markets in Lagos. Traders in Kano and Abia states have also lined up to be part of the first round of beneficiaries to draw the collateral-free loans.
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When is the loan expected to be paid?
All loan categories have payback duration of six months.
BoI is in partnership with other banks, such as Fidelity Bank, Wema Bank, GTBank, United Bank for Africa (UBA), Heritage Bank, Stanbic Bank, Sterling Bank, Union Bank and Jaiz Bank, to make paying back the loans easier. The trader only nees to visit any of the banks or key in with a BoI-GEEP agent to pay direct.
Can I access the loan online?
Hope this steps below would guide you properly.
- Visit the website: www.boi.ng
- Click on “Apply for loan now”
- Proceed to click on “Register here” to register your account.
- A verification link and tracking code would be sent to your registered email address; click on the verification link to facilitate log in.
- Once logged in, you can complete the application form, save and click on “continue” to submit the form.
- A mail will be sent to your email address confirming receipt of the application.
So, there you have it all the basic things you need to know about Trader Moni and how to successfully apply for it.
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If you have any questions or need help with any of the processes, kindly make use of the comment box below.
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