The Federal Government (FG) has announced the return of the TraderMoni scheme, which offers an interest-free loan to boost traders’ businesses. Here are the key details:
Program Restart Date: The TraderMoni program will resume in November, offering N50,000 to each eligible trader to support their businesses.
Program Background: TraderMoni was first introduced in 2018, paused for a period, and is now being reinstated with an increased loan amount.
Key Points Shared by Minister Betta Edu: Minister Betta Edu, responsible for helping people and reducing poverty, emphasized the following points on a TV show called Sunday Politics:
- The program is not motivated by political interests; it is designed to help people.
- TraderMoni is set to visit 109 major markets.
- Eligible traders will have bank accounts opened for them, and funds will be disbursed directly from the Central Bank of Nigeria (CBN) account.
- The loan is interest-free, and if repaid, traders can access additional loans.
Support Beyond TraderMoni:
In addition to TraderMoni, the government has other plans to support Nigerians:
- Conditional Cash Transfer: Providing cash to 15 million households in Nigeria.
- Jobs for Youth: Helping 5 million young people find work through the N-Power job scheme in the next five years.
- Support for Market Women and Farmers: Assisting 1.5 million people, including market women and farmers, through the Government Enterprise and Empowerment Program (GEEP).
- Help for Schools: The Homegrown School feeding program aims to provide food to 10 million children in the next four years to ensure their health and education.
The government’s goal is to help at least 70 million people in Nigeria within a year.
- Who is eligible for FG TraderMoni N50,000 Interest-Free Loan? A Nigerian citizen who is a petty trader or artisan.
- How much is the loan amount? The loan amount is N50,000.
- Do I need to provide collateral? No, collateral is not required.
- How long is the repayment period? The repayment period is 9 months.
- How do I repay the loan? You can repay the loan through any Bank of Industry (BOI) branch or designated collection centers.
- What happens if I default on the loan? Defaulting on the loan may result in interest and penalties. You may also be barred from accessing future government loans.
This is a significant opportunity for traders in Nigeria to access interest-free funds to grow their businesses and contribute to economic development. Make sure to stay updated and take advantage of the program when it restarts in November!