The #TraderMoni scheme affords small business owners to get a loan of 10,000 naira to be paid back within 6 months. They can choose to pay 85 naira per day or 430 naira per week. #Osunpic.twitter.com/LODXodoYgw
The soft loan scheme is aimed at funding micro businesses in the country. Trader Moni is meant to help very small scale traders easily get loans without collateral in Nigeria for the purpose of expanding their small businesses.
Trader Moni enables artisans, street hawkers, and petty traders to have access to loan facilities from N10,000 in order to boost their businesses.
The initiative was launched under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BOI).
Unlike the existing GEEP Market Moni loan scheme, which targets market women, traders, artisans and enterprising youths, TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises.
The initiative which has started nationwide is bid to support 2 million Nigerians to grow their business by having access to loan irrespective of their status or level of education.
Since its launch, the initiative has covered Kano, Abia and Akwa Ibom States.