FG TraderMoni N50,000 Interest-Free Loan – Apply Now
Started by the Buhari government, the TraderMoni loan is one of the loan programs under the GEEP(Government Enterprise Empowerment Program). The loan is an entry-level loan product for GEEP. It is a 6-month interest-free loan, originally designed to start from N10,000 (Ten Thousand Naira) aimed at petty traders and artisans. However, in the recent relaunch, the loan amount has now been increased to N50,000 as announced in October by Betta Edu the minister of humanitarian affairs.
This loan is targeted at the everyday market trader, who makes a living from what they sell daily and whose product inventory ranges from N2,000 – N5,000. This loan immediately provides them with a structured way to increase their capital, while repaying the loan. Most targetted beneficiaries of this loan are first-time receivers of a loan from a formal financial lender.
See Also: Bank of Industry Loan – Get Unto N5 Million Loan
TraderMoni Loan Distribution
According to Beta Edu, they will visit 109 big markets across the country to meet the loan-to-market sellers open a bank account for them, and then send the money from the CBN account. This time, instead of N10,000, they will give N50,000 to each trader.
How to Get Higher More Than N50k From TRaderMoni Loan
Beneficiaries who want to get more than N50,000 Naira must first receive the first N50k, use the money, repay the loan, and then apply for a higher amount.
See Also: Best Money Saving Apps for Nigerians
Benefits of the Loan
TraderMoni offers a good number of benefits to petty traders and artisans and some of the benefits include;
- Access to affordable credit
- Flexible repayment terms
- ero paperwork
TraderMoni if well utilized can be of great help to petty traders and artisans to expand their businesses, increase their profit margin, create jobs, and also boost the Nigerian economy. It can also be a good source of poverty reduction as it would help improve the living standards of Nigerians.
See Also: FG ₦250,000 Loan by NDE
How to Apply
In the past, there was a portal for the loan application but the portal is currently getting a facelift before it can be reopened for all GEEP loan programs. Visit https://nsipa.gov.ng/geep/
Please share to help that market seller in your area to get the information.
