Market Moni Loan is a popular scheme set up by the Nigerian Government to empower business owners financially.
This is a scheme by Nigerian government using the platform of Bank of Industry and government enterprise and empowerment program which its objective is to make a loan and financial assistance available for small and medium scale traders and entrepreneurs without the use of collateral or something to stand in place of the loan.
The program started in the ancient state of Osun in recent year. This scheme makes available not less than ten-thousand-naira loan available at first instance of the application, this scheme kicked off at Iwo in Osun state by the vice president of Nigeria professor Yemi Osinbanjo.
Market Moni Loan
While launching the program officially, Prof. Osinbajo said that the traders’ mini program was part of the federal government’s social intervention aimed at providing funds for micro business in the country. He remarked that no government in the history of the country has embarked on such an economy-boosting program before and further said that the All Progressives Congress (APC) led government has done very well in the area of catering for the people’s welfare.
He also said that the ‘Trader Moni’ program will help in boosting micro as well as small-scale businesses, petty trading and also commercial activities across the country. He said that the beneficiaries of the program would be given a loan of N10,000 each, which would be repayable within six months.
MarketMoni Loan Scheme
He added that any of the beneficiaries who are able to pay back the loan within the 6 months period stipulated will qualify for a bigger loan amount of #15,000.
According to the Vice-President, the Trader Moni scheme is targeted specifically at petty traders, market women, artisans, and small-scale business enterprises to cater to ultra-micro enterprises.
The policy of the federal government according to him is to support businesses, not a just big business but particularly small, medium-sized businesses and micro businesses.
Requirements For Market Moni FG Loan Scheme
- first thing is you must be a citizen of Nigeria
- also, you must be above 18 years
- You must own a business in Nigeria or a trader in Nigeria
- you must be a member of the local market cooperative in your particular area
- You must have a valid identification number of Nigeria
- you must also have a valid or register for BVN in Nigeria.
- you must have also a register sim card and other necessary information you need to have with your mobile career.
How To Register For Trader/Market Moni
This scheme an online based application and the platform has been designing to be friendly with users and visitors. For the convenience of BOI’s prospective SME customers, the portal was created so that they do not initially have to come physically to the Bank to submit their loan applications. It also provides the advantage of shortening the loan processing Turn-Around-Time (TAT) of the Bank.
The portal of the scheme has document uploading capability as well as allows the loan applicant select the preferred BOI State Office location where the application will be processed. The online loan application portal can be found on the Bank’s website: www.boi.ng/apply.
Step By Step Registration Process
- Visit the following website www.boi.ng.
- Check for the application for loan button and click on it
- Click on the Register here button to register your account.
- A verification link and tracking code are sent to your registered email address; click on the verification link to facilitate login.
- Once logged in, you can go ahead and complete the application form, save and click on the continue button to submit the form.
- You will receive an email stating you to confirm your application for this scheme.
Idea Behind This Scheme
The whole idea behind this program is that we want to ensure that we give whatever support to people to alleviate their businesses, he added. For instance, if you are given N10,000 and refund within six months, then you are qualified to collect N15,000.
If you are able to pay back the sum of N15,000, then you are qualified to get N20,000. Commending President Muhammadu Buhari for giving priority to the welfare of all Nigerians, Prof. Osinbajo said that there was the need for the people to reciprocate the president’s good work by re-electing him in the year 2019 when general elections are held. Also speaking at the event in Iwo, the Executive Director, BoI, Mrs. Toyin Adeniji also said that no fewer than 30,000 beneficiaries would have access to the loan.
She further explained that the beneficiaries of the Trader Moni scheme will come from all 36 states of the federation and the Federal Capital Territory (FCT). She added that agents of the scheme have already met the market women at their point of sales to register them. They would get the almost immediately money and pay it back immediately through Mobile Wallet.
In fact, many of the beneficiaries have started receiving the alert according to her. Under the Trader Moni scheme, traders don’t need any documents or property to collect the initial N10,000 loan from the federal government. All they need to do is to register, get captured and then receive the money through their phones.
The repayment plan for the loan is for six months and beneficiaries would pay a paltry N250 interest on the N10,000 and then qualify for a bigger loan thereafter she said. During the launch in Iwo town, Osun state, many traders made the most of the opportunity and registered for the program.
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In her testimonial, a pepper seller in Iwo, Alhaja Kudirat Hussain said she had heard about the Trader Moni scheme for a while but did not believe that the government will actually be giving people like her loans.
As a market woman who had been turned away by banks several times when she needed to expand her business, it was unbelievable, she said. After the initial launch of the Trader Moni scheme in Iwo, the program has also been launched in some other states including Lagos where it was launched in 5 markets. The beneficiaries of the scheme can get access to a higher facility ranging from N15,000 up to N50,000 when they repay the initial N10,000 within the stipulated time period of 6 months.
The first set of traders to register for this scheme will be entitled to access a loan not less than #10,000 naira without submitting any collateral. If you meet up with the payment of this loan within the stipulated time of 6 months you will be entitled and eligible for another loan which is about #15,000 naira and if you meet up to pay this again, you will have access to #20,000naira until you attained the #50,000-naira goal they set a benchmark for all trader.
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Closing Date For Trader Market Moni
This application or forms has not been fixed yet so you still have enough time to register.
Conclusion on Market Moni Loan
This is a welcome idea of by the current administration of the president Buhari lead administration. This scheme helps an individual who is incapacitated or no financial aid to help kicked start a business, also, it helps to remove the phobia of having to drop a collateral to access a loan in the country.
The scheme has kicked off in some states of the federation while other states are still waiting for the train of the program to enter their territory. When it does, expect the people to troop out in large numbers to benefit from the program. The Bank of Industry has however stated that about 30,000 traders will benefit from the scheme for now while there are hopes that the program will be expanded to accommodate more people in the nearest future.
All you need to do for you to qualify for this loan and scheme has been discussed and clearly stated in the above write-up. Make sure you have all the full requirements and credentials that will be required of you before proceeding to register for this form online.
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