If you want to benefit from the Federal Government trader moni boi project, you will have to first go through a trader moni registration process. Unlike Market Moni registration which requires you belong to an accredited market association or cooperative, all you have to do is to find a trader moni agent in your state and register for trader moni loan.
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 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 Loan Terms
- Loan Tenor: 6 Months
- Administrative Fee of 2.5% (No other charges).