The Nigerian Federal Government’s Enterprise and Empowerment Programme (GEEP) is a loan initiative aimed at providing funding for entrepreneurs across Nigeria. One of the loan schemes under GEEP is the TraderMoni loan, which is specifically for Nigerian petty traders and artisans.
The loan offers beneficiaries a loan starting from N10,000 to N100,000 at no interest rate. The accessible loan amount increases as you pay back. For example: if you borrow N10,000 as a first-timer, when you pay back the money, you will be eligible to borrow a higher amount (N15,000). After paying back the N15,000 loan, you will qualify for a N20,000 loan; N50,000; and N100,000.
Requirements for TraderMoni Loan
To be eligible for the TraderMoni loan, applicants must meet the following requirements:
Applicants must be Nigerian citizens by birth.
Applicants must not be less than 18 years old.
Applicants must be a trader or own a business.
Applicants must belong to a registered market cooperative union.
Valid identification such as a national ID card or voter’s card is needed.
Applicants must have an active phone number.
How to Apply for TraderMoni Loan
Locate any accredited TraderMoni agent in your area and fill out the loan application form.
After filling out the form, the Federal Government will send you a text message with a reference code which you will dial to get the fund.
Benefits of TraderMoni Loan
The TraderMoni loan scheme has several benefits for Nigerian petty traders and artisans. Some of these benefits include:
The loan is interest-free.
The loan is collateral-free.
The loan is accessible to all Nigerian petty traders and artisans.
The loan is repayable over a period of six months.
The loan is disbursed within 48 hours of application.
The Nigerian FG Tradermoni Loan by GEEP is a great initiative by the Federal Government to provide funding for Nigerian petty traders and artisans. The loan scheme is interest-free, collateral-free, and accessible to all Nigerian petty traders and artisans. To apply for the loan, applicants must meet the eligibility criteria and follow the application guidelines.