The Federal Government (FG) has exciting news for traders.
On October 9, they announced the return of the TraderMoni scheme.
This program gives traders an interest-free loan to boost their businesses.
FG Tradermoni N50,000 Interest-Free Loan – November 2023
The government will start the TraderMoni program again in November. They will give N50,000 to each person to help their businesses.
This loan program started in 2018. It stopped for some time but it’s not finished. Betta Edu, who is in charge of helping people and reducing poverty, talked about it. She said they will go to 109 big markets to give the money. This time, instead of N10,000, they will give N50,000 to each trader.
She talked about this on a TV show called Sunday Politics.
Edu said they don’t care about politics or other things. They will meet the traders in the market, open a bank account for them, and send the money from the CBN account.
This loan doesn’t have any interest. If people pay back, they can get another loan.
She also said this program is not for politics. The election is over and the government wants to help people. The President, Bola Ahmed Tinubu, is focused on this.
For regular alert on the Tradermoni scheme, please register your email with VoiceofNigeria.org.ng.
A Quick Look at TraderMoni
TraderMoni is a loan program created by the Nigerian government to provide microfinance and complementary economic services to petty traders and artisans. It is a component of the Government Enterprise and Empowerment Programme (GEEP), a social investment program that aims to provide financial support to low-income Nigerians.
TraderMoni offers a number of benefits to petty traders and artisans, including:
- Access to affordable credit
- Flexible repayment terms
- No paperwork
TraderMoni can help petty traders and artisans to expand their businesses, increase their profits, create jobs, and boost the Nigerian economy. It can also help to reduce poverty and improve the living standards of Nigerians.
Overall, TraderMoni is a well-designed and effective program that is making a positive impact on the lives of petty traders and artisans in Nigeria.
How much? N50,000 for each trader.
Is it new? No. It began in 2018 but was paused for a while.
New Updates on TraderMoni
Minister Betta Edu, from the Ministry of Humanitarian Affairs and Poverty Alleviation, shared more details on TV.
Starting Date: November.
Target Markets: One big market in each senatorial district. That’s 109 markets in total.
Amount Given: Each trader gets N50,000.
Betta Edu said, “In the past, traders got N10,000. Now, they get more – N50,000. This will help their businesses more. We don’t look at party or personal interests. We choose traders in the market. When we pick them, they get a bank account. The money goes straight from the Central Bank of Nigeria (CBN) to their account.”
It’s important to know that this loan doesn’t have interest. If you pay back the first loan, you can get another one.
More Support for Nigerians
Besides TraderMoni, the government has other plans to help people:
Conditional Cash Transfer: This program will start again soon. The government wants to give cash to 15 million households in Nigeria. This helps families that don’t have much money.
Jobs for Youth: The N-Power job scheme plans to help 5 million young people find work in the next five years.
Support for Market Women and Farmers: With the GEEP program, 1.5 million people will get help. This includes market women and farmers.
Help for Schools: The Homegrown School feeding program wants to give food to 10 million children in the next four years. This keeps kids healthy and makes them want to stay in school.
In one year, the government wants to help at least 70 million people in Nigeria.
Q Who is eligible for FG Tradermoni N50,000 Interest-Free Loan?
A: A Nigerian citizen who is a Petty trader or artisan
Q: How much is the loan amount?
A: The loan amount is N50,000.
Q: Do I need to provide collateral?
A: No, you do not need to provide collateral.
Q: How long is the repayment period?
A: The repayment period is 9 months.
Q: How do I repay the loan?
A: You can repay the loan through any BOI branch or through designated collection centers.
Q: What happens if I default on the loan?
A: If you default on the loan, you may be charged interest and penalties. You may also be barred from accessing future government loans.