We’ve received quite a few numbers of queries from the esteemed viewers of our site concerning the now ongoing Trader Moni Loan Scheme 2020
we wish to rectify the issue and also direct all and sundry on the methods connected to guarantee their successful application for the Trader Moni Program 2020.
The objective of the BOI loan is targeted on two million beneficiaries of Trader Moni across the country within now and the years end.
Trader Moni What is it?
It is a mobile phone-driven scheme powered by the Bank of Industry to assist traders with free loans( without collateral).
Who is Eligible to Obtain Loan from Trader Moni
The loan is explicitly on for small-scale traders around Nigeria.
How can you as a Trader gain access to the Loan?
- You can simply meet any mobile money agent around and give valid data from you.
- The information is given then will be captured by the Trader Moni agent and sent to the Bank’s system for validation,
- In a period of 48 hours, you will receive a credit alert or cash notification in your mobile wallets account.
Trader Moni How much you can be able to obtain
Starting from N10,000, well can be raised to N50,000,
whereas this only applies to the ability trader to pay back the mortgage in the six months of grace.
Toyin Adeniji, the Executive Director of BOI, explained that a beginner could access N10,000 and pay back N10,250 to pass for N15,000 loan.
“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″.
The money How does it get to me?
The cash can either be wired straight to the bank account of the beneficiary trader or simply cashed at any mobile money agent.
Please note: Bank of Industry (BOI) has engaged no fewer than 4,000 registration agents to identify the Beneficiaries.
The project has successfully spread out in areas like
- Egba, and
- Ketu markets in Lagos.
- Others in Abia and Kano states,
have also in a queue to take part in the first round of beneficiaries to free collateral loans.
The loan When is it expected to be paid?
All categories of the trader moni loan have only a payback duration of six months.
BOI is in conjunction with other banks, such as
- Fidelity Bank,
- Wema Bank,
- United Bank for Africa (UBA),
- Sterling Bank,
- Heritage Bank,
- Stanbic Bank,
- Union Bank,
- and Jaiz Bank,
Read Also: Join the FG Loan Scheme | Become a Trader Moni Agent in Lagos – follow these simple procedures
to make loan payback easier. What the trader only need is to key in with a BOI-GEEP agent to pay direct, or visit any of the banks
Want access to the loan online?
Here are steps to follow;
- Visit the BOI website: ClICK HERE
- Click on “Apply for a loan now.”
- Proceed to click on “Register here” for account registration.
- Check your registered email address for a verification link; click on the link for verification and to facilitate login.
- Already logged in, you can fill in the application form, save and click on “Continue” to submit the form.
- You are going to receive an acknowledgment of receipt of your application.
So, there you have all the essential information you need about Trader Moni and how to apply successfully for it.
Need help, Have any questions or inquiries about any of the processes, you are required to make use of the comment box below.
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