What is FG TRADERMONI AND HOW TO APPLY

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Now the FG has a program called the Government Enterprise and Empowerment Programme (GEEP) implemented by the Bank of Industry (BOI)

To participate for the trademoni dia
* 540 * 265 * 14 #

GEEP has two pillers.

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First is called # and the second is called #.

MarketMoni is a scheme for soft loans to small traders ranging from N10,000 – N100,000.

You decide the amount you need whether N10,000, N20,000, N50,000 or N100,000.

The repayment period is for 6 months and there is 5% administration fee. No interest is charged.

There is even a two weeks grace period to pay back. Once you finish paying, you can apply for a higher value or the same value.

That is basically left to you!

What are the requirements to apply?

  1. You must belong to a registered and accredited market association or cooperative which must be registered with BOI
  2. You must have BVN
  3. Your market association or cooperative must nominate you for a loan and stand as your guarantor.
  4. You must have a business location

So basically to access #MarketMoni, you need to belong to a market association or a cooperative. Because the money will be disbursed through your cooperative. And you can borrow up to N100,000 as many times as you can pay back.

Now let’s talk about #TraderMoni

#TraderMoni is a mobile phone driven initiative. Unlike #MarketMoni, you don’t need to be a member of a cooperative to access it.

While MarketMoni targets micro traders that are a bit structured (i.e. belong to an association), TraderMoni is targeted at the ultra-micro enterprises.

With #TraderMoni 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.

The repayment period remains for 6 months with zero interest charged.

How do you get registered? You need a mobile phone. Once your details is captured by agents and sent to BoI system for validation, you’ll within 48hrs get cash notification in your mobile wallet account.

You can either transfer to your bank account or cash at mobile money agent around.

So in a nutshell while #MarketMoni gives out from N10K – N100K (with requirements of belonging to a registered cooperative), #MarketMoni gives us loans from between N10K – N50k without that requirement.

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The repayment period remains the same (6 months ) and you can return several times

Now…why starting from N10k for both #MarketMoni and #TraderMoni (eventhough you start apply for higher than N10k if you wish)…the reason is simple.

The people targeted for this loans are at the Micro Level.

To participate for the trademoni dia
* 540 * 265 * 14#

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