Olamide Famuwagun

AB Microfinance Bank – How to get loans from the bank

February 24, 2023 by Olamide Famuwagun

Microfinance banks are on a rapid rise in Nigeria and especially helped small to medium-sized enterprises (SMEs) with loans. AB Microfinance is one of those banks with a rich history of success since its establishment in 2002.

It has several branches spread across the country, including Lagos, Oyo, Ogun, and Ondo State.

Just like Nirsal microfinance bank, AB provides loans to individuals and SMEs that need it, at no stress, and competitive interest rates. They are licensed by the Central Bank of Nigeria and committed to improving financial accessibility all around the country.

What are the AB microfinance loan requirements?

A valid ID card.
Proof of business ownership.
At least one guarantor.
Flexible collateral arrangement depending on the size of the loan.
Your business location must be within the bank’s lending area (Lagos, Oyo, and Ogun state), and it must have existed a particular period.
You do not require an account with AB microfinance to get a loan

Services offered by AB microfinance

AB Microfinance banks offer two major services – Savings and account, ebanking, and Credit. Let’s look at more details of each:

Savings and account

1. AB Current Account:

With this account, you have unlimited access to your money any day, any time. It is available for both individual and corporate bodies and has no restrictions. Some of its benefits are:

No maintenance fee
SMS alert services, and
Encashment of cheques.

2. AB Savings Account:

AB savings account helps you keep your money with an added advantage of a competitive interest rate. Your funds are accessible anytime without forfeiting interest on withdrawal, and the account is accessible to individuals and corporate organizations.

Some of its benefits are:

Attractive interest rates
Simple account opening process, and
Free statement of account.

3. AB Term Deposit Account:

The deposit account allows you to fix your money for a particular duration and gain outstanding interest rates. Some of its benefits are:

Minimum of N30,000
Competitive interest rates
Maturity duration of 30 – 360 days.

Credit

1. Micro Loans:

As an entrepreneur, you can easily access a quick loan in Nigeria through this AB Microfinance service. Loan value ranges from N15,000 to N3 Million and has a maximum maturity of 18 months.

Some features of this loan are:

No compulsory deposit, savings, or cash collateral is required.
They do not require audited financial statements.
Flexible collateral arrangements.
Flexible documentation requirements.

2. SME Loans:

They design this service for SME owners. It offers you access to transparent and quick loans to build your business. You can access up to N20,000,000 but require collateral, and it has a maximum tenor of 24 months.

3. Housing Loans:

Just as the name implies, housing loans offer you access to loans for your housing projects. The available amount ranges from N300,000 to N3,000,000. In this service, you also have access to access quality building materials and free expertise on house designs.

E-banking

AB microfinance also has other services like commercial banks, which makes accessing their services much easier. These services are:

Payments/ Cash Deposit.
Mobile Banking.
Instant Fund Transfer.
Debit Card/ ATM Card.
Point of Sale (POS).
NIBSS Instant Payment (NIP).

How to borrow from AB Microfinance

AB microfinance currently offers up to N5,000,000 loan, which expands to N20,000,000 for SME business owners. If you meet all the loan requirements as earlier stated, take the following steps to apply:

1) Proceed to any of their branches to make a loan proposal. Ensure you go with all the necessary documents as stated earlier and a sizeable collateral compared to the loan.

2) Your proposal would undergo an immediate on-site assessment by qualified personnel. After this, they forward it to a decision committee for final approval.

The duration before loan disbursement depends on the amount in question. For example, applying for high-value SME loans takes a week. Also, note that:

A disbursement fee which is 1% of the disbursed amount, is charged for all loans.
All loan proposals are to be made in any of AB microfinance official offices. You can visit their official website at https://www.ab-mfbnigeria.com/contact.php to see the closest office to your location and their phone contact.

How much can I borrow from AB Microfinance and what is the interest rate?

The minimum borrowing amount for AB microfinance is N15,000, and a maximum of N20,000,000. The amount accessible to you depends on your repayment accessibility. During this process, business inventories, assets, and other criteria are taken into consideration.

Conclusion

AB microfinance offers one of the easiest ways to get loans, with only a valid ID and proof of business. As far as your business falls in the banks’ lending areas, receiving a loan is very easy.

The bank also offers flexible collateral and repayment arrangements, as well as competitive interest rates. With the wise use of AB microfinance loans, you can easily take your business to the next level.

How to borrow from your pension fund in Nigeria

February 22, 2023 by Olamide Famuwagun

Opening a pension account is now a statutory requirement for all Nigerian employees. Every month, they make a token contribution to the Retirement Savings Account (RSA) through a Pension Fund Administrator (PFA).

One unsung benefit of owning an RSA is that you can borrow from your pension funds when in need. Wondering how that can be done? This article would serve as a guide on how to borrow from your pension fund in Nigeria.

Owning a pension account with funds can be a source of help during emergencies. Although there are cons in borrowing this fund, it remains a better option than obtaining a loan from financial institutions.

Conditions for borrowing from your pension fund in Nigeria

To borrow from your pension fund before retirement, you must satisfy one of the three criteria:

You must have made additional or voluntary lump sum contributions to your RSA. It is from that money that you can withdraw before retirement.
They also allow you to withdraw up to 25% of your retirement account fund if under the age of 50. This holds on to the event of losing your job and you cannot secure another within 4 months. The sum is also tax-free.
You intend to get a mortgage loan. RSA allows the withdrawal of up to 25% of retirement funds.

Please note that asides from these conditions, the Pension Reform Act of 2014 strictly prohibits withdrawal from your pension account.

How to borrow from your pension fund in Nigeria

This depends on your Pension Fund Administrator. Different pension fund administrations have different methods and requirements for releasing funds to you. However, the process requires that you approach your PFA with the following documents:

Letter of termination of appointment issued by your former employer or letter of resignation.
PFA last three months’ payslip.
A letter from you requesting a desired percentage of payment from your RSA balance (25% maximum). This could also be a percentage of your voluntary lump sum contribution.
Evidence of accrued pension rights if applicable (mostly for public sector workers).
Letter of introduction from your bank or bank statement.
Proof of age through a birth certificate or sworn declaration of age
Letter from your employer which confirms full remittance of all contributions made to your RSA (for private sector workers).
PenCom retiree indemnity form if you work in the public sector.
A form your PFA would give, and four passport photographs.

However, if you intend to obtain a mortgage loan, then you must satisfy the following criteria:

You must be in active employment either as a salary earner or self-employed.
You must have been contributing consistently to your RSA account for the last 10 years.
Your debt-to-income ratio shall not be more than 33.33% of your monthly income at the time of application.
You must provide all the requested documentation.

The documentation required for a Mortgage loan are:

Application letter to access your RSA account
A mortgage loan offer letter issued by a licensed Primary Mortgage Bank (PMB) or Deposit Money Bank (DMB).
Valid copies of documents to the property on which the mortgage loan was granted
A letter of confirmation issued by the PMB or DMB to your PFA to attest to the authenticity of the mortgage transaction. They must sign this letter by at least two directors of the bank, along with an official stamp or seal.

Check out: ARM Pension Loan

Conclusion

Although with restrictions, RSA allows you to borrow money under certain conditions. Under the right conditions, you can borrow to obtain a property asset or meet other needs. Such money can even be used to fund your business on retirement or invested in something else.

UBA Loan – Requirements and How to Apply for Loans from UB

February 20, 2023 by Olamide Famuwagun

If you are looking for a loan with a flexible payment plan, longer tenure credit, and lower equity, then look no further than a UBA loan.

From personal loans to asset finance, a UBA Loan will offer you a way to settle pressing financial needs. You can also harness the loan opportunity to expand your business through asset finance.

Why choose UBA Loans?

UBA Loans are defined to meet your needs. Some general benefits are:

Different loans are available for specific uses.
Competitive interest rates.
Convenient and flexible repayment terms.

What services do UBA Loans offer?

The loan services offered by UBA include:

Personal Overdraft:

This is a short-term loan option available to staff of reputable private and public organizations. It allows you to overdraw your current account by 6 months and has a maximum amount of 3 million. You repay 5% interest on the amount borrowed every 30 days when your salary is paid. It is further classified into executive personal overdraft and revolving personal overdraft.

Qualification:

Annual income after-tax minimum of N5million for an executive personal overdraft, and N2.5million for a revolving personal overdraft.
Your UBA account must be your salary account through which they have paid salaries for at least 3 months.

Documents required:

Loan application form.

Asset Finance:

This credit program gives you an opportunity to purchase assets that you cannot finance immediately.

Qualification:

You must be an employee of a reputable organization in the private or public sector.
They must have paid your salary through UBA for at least 1 month.

Document required:

Loan application form and Pro-forma invoice.

Personal Loan:

Personal loans provide extra cash to quickly meet emergencies or casual needs like pay medical bills or get your car fixed.

Qualification:

This loan is available to everyone with a UBA account.

Document required:

Loan application form.

Cooperative Loans:

Just as the name implies, this service provides loans to cooperative societies of reputable companies. It has a minimum opening and operating balance of N2,000.

Qualification:

Available to only cooperatives of reputable companies.

Document required:

Letter of request to the manager of your business, signed by executives of the cooperatives. This letter should state the amount and tenor of the loan required.
This letter is to be submitted along with other supporting documents as requested by the bank.

Cash Collaterised Loan:

This allows you to get credit in Naira, Pounds sterling, US dollar, and Euro. It does this through your cash deposits, investments, and their equivalents with UBA or other finance institutions acceptable to UBA.

Qualification:

You must have cash deposits, or investments and their equivalents with UBA.
Your past 3 month salaries must have been paid through UBA.
Employees discussing or selling consumer credit products.

Document required:

UBA consumer loan application form.
Letter of Lien or set-off or Deposit Hypothecation Agreement in your name.
Letter of confirmation of collateral.
Original certificate of deposit or savings passbook.
Memorandum of charge over the investment or cash deposit.

Ensure that all documents provide a rollover instruction where necessary.

If the pledged cash deposit is not in your name, you would need the following extra documents:

Guarantee form.
Complete domiciliation of proceeds form.

If the pledged deposit or investment is in the name of an association or liability limited company, you would need:

Your constitution or memorandum Articles of association.
An executed board resolution of the organization authorizing the pledging of cash deposit to the bank on other parties behalf of another party.

How do I apply for UBA Loans?

Visit their official website at www.ubagroup.com/nigeria/loans-payments/. On the website, you can download a copy of the specific loan application form that you are interested in.
Fill the form and any other required documents as directed on the site.
Submit to the customer service officer in your nearest branch.

You can also get the loan form from the customer service officer too if you cannot download it.

What are the requirements for UBA Loans?

The UBA loan requirement depends on the type of loan in question. They state each loan service and their respective requirements in the “What service do UBA Loans offer” section above. You can download the Loan form and documents required for each loan from their website or get it at any branch.

Conclusion

UBA offers loan services that cater to your immediate and investment needs. Their loan forms are easily accessible online from the comfort of your home. As far as you meet the requirement, take UBA loans to aid you today.

GTbank Salary Advance – Everything You Need to Know

February 17, 2023 by Olamide Famuwagun

Ever since it began its operations in February 1991, Guaranty Trust Bank (GTBank) has grown into a major powerhouse in the financial sector in Nigeria.

Guaranty Trust Bank or GTBank is one of the most prominent banks in Nigeria. The bank is a leading provider of financial services to the public, offering services such as retail banking, investment opportunities, and corporate banking, amongst the other services it provides to its vast customer base. One of such extra service is the loan and credit facilities it gives to its customers.

Here we look at Guaranty Trust Bank Loans and the GTBank payday loan in particular; and how you can apply for them.

About GTBank Salary Advance

The GTBank salary advance is a type of GTB loan that is based on the payday or cash advance theme provided by Guaranty Trust bank. The salary advance is the same as a payday loan.

With the GTBank salary advance loan, you can get up to 50 percent of your salary before the month’s end to meet up with your financial and transactional needs. The loan tenure is up to 30 days, and you can apply monthly.

The payday loan, as mentioned earlier, is an unsecured instant loan and therefore does not need collateral for processing.

How Much Salary Advance Can You Get From GTBank?

GT Salary Advance lets borrow a minimum of N 25,000 if you’re a civil servant or N 50,000 if you work in the private sector. As for the maximum amount, funds are borrowed able up to 50 percent of your monthly salary.

How Long Does It Take To Apply For The GTBank Salary Advance?

The application process only takes within 24 hours, after which they disburse the funds.

Who is Eligible For A Salary Advance From GTBank?

Anyone fully employed and can provide proof of employment, and their income statements is eligible for a GT Payday loan. However, you must be a GT bank customer in the first place to access this loan.

How To Apply For The GTBank Salary Advance

You can apply for the loan by logging into GT Bank’s internet banking platform, or dialling *737*8*2#. You can also visit any of the bank’s branches.

GTBank Payday Loan Code For Non-Salary Earners

A loan for non-salary earners is also available at the bank under the QuickCredit loan scheme. The shortcode for QuickCredit is *737*51*51#

As a non-salary earner, you can apply for the QuickCredit for as long as you are earning a minimum of N10,000 every month.

Conclusion

Finally, there are certain considerations before applying for any kind of loan from a bank.

However, if you are ever in a bind financially, and need some help, as a Guaranty Trust Bank customer, you can get that much-needed financial assistance through the GTBank payday loan platform. You can check out our posts on other commercial bank loans like the Zenith Bank loan.

Susu Microfinance Bank – What you need to know

February 13, 2023 by Olamide Famuwagun

Suppose you’re looking for a loan. You’ve already exhausted your options. The regular Banks are not entertaining your applications, and even if they are — the terms and conditions are just too over the top for you. The interest rate is too high. That you have to provide collateral is also a factor, and at this point, you’ve almost given up on your search. What do you do then?

Where does SUSU microfinance bank come in?

But as great as the news is, there is also the problem of choosing which Microfinance bank could best meet what exactly you are looking for. No matter where you get it, a loan is a serious business and you would want to make benefits for yourself. If that is what you’re looking for, then SUSU Microfinance Bank is your answer.

About SUSU Microfinance Bank

Susu Microfinance Bank, just like Nirsal Microfinance Bank, is a major player in the microfinance industry. The bank is one of the recognized MFBs where you can access a loan in Nigeria. It specializes in providing loans and credit facilities to individuals and small-scale businesses.

What products does SUSU Microfinance offer?

SUSU has a range of products and services designed to meet various needs. They are;

Microloans – microloans are credit facilities created for individuals from all walks of life. It is for people such as traders, students and entrepreneurs. You can access up to the amount of 1 million naira in micro-loans. The interest rate is about a minimum of 5 percent, although it all depends on the duration of the loans. Anyone who can not access regular loans is the basis for this product; as they do not meet the traditional requirements for loans. However, SUSU’s micro-loans aim at bridging such a gap.
Salary Advance – they make the Salary Advance for individuals who are gainfully in employment, especially those who work at companies or organisations. With Salary Loans you can get as much as 75 per cent of your salary upfront.
Group Loan: the group loan is a product in which a group of individuals contribute and withdraw rotationally. We commonly know it as Esusu or Ajo.

What are the advantages of a SUSU Microfinance loan?

These are the pros of taking up a credit facility from SUSU;

The repayment plan is highly convenient
The loan conditions are flexible

What are the disadvantages?

These are the cons of SUSU Microfinance loans

They are only available in Lagos.
It requires you to deposit about 10 percent of the loan into a savings account
They require a guarantor
The maximum amount available is low

What are the requirements for being eligible for SUSU Microfinance credit facilities?

The ages must be between 22 and 58
Operate an account of about 3 months with SUSU
Live and work in Lagos

Documents required are;

Two guarantors
Two passport photographs
Two signature cards
A duly filled application form
A copy of a utility bill

How can I contact SUSU Microfinance Bank for these services?

You can reach out to Susu through any of the following channels;

Visit their office at 34 Commercial Avenue, Sabo Yaba, Lagos, Lagos State, Nigeria. They are open from Monday to Friday, from 8 am to 4 pm.
On Telephone
Via Electronic mail – info@susumicrofinancebank.com.ng
Through their social media handles

CONCLUSION

This is where Microfinance banks come in. Microfinance banks are Financial institutions that provide the best credit facilities to individuals who can not attain regular loans from banks either because of a low credit score or because they cannot meet up with the tedious terms and conditions. They are your go-to when all else fails.

Whatever the case may be, if you need a loan, then you should look at Susu Microfinance bank to meet your needs.

Access Bank Payday Loan – All You Need to Know

February 9, 2023 by Olamide Famuwagun

Access Bank is one of the leading Financial institutions in Nigeria providing dependable financial services to the public, facilitating seamless transactions, helping to manage wealth, and creating it.

Sometimes emergencies pop out of nowhere, and as a salary earner, or any income earner, waiting till the end of the month before your next influx of cash can be a really long wait. During an emergency, you’d need a payday loan.

In this post, we’ll be looking at Access Bank Payday Loan and how you can apply as well as other factors surrounding the loan itself.

Access Bank payday loan – what is it?

The Access Payday loan is a digital credit facility that disburses loans instantly to the requesting customer, as soon as they receive the application and approve it.

Approval of this digital loan product depends solely on whether you meet Access Bank’s lending criteria, which they call Risk Acceptance Criteria (RAC).

In a nutshell, payday loan primarily targets providing financial assistance to salary earners and non-salary earners.

Access Bank payday loan eligibility

The following will make you eligible to be granted this Access bank loan:

No outstanding loan in Access bank or any other bank
A phone number that is linked to your BVN
Evidence that you received salary payment in the previous month

The maximum Access bank payday loan you can get

With this Access Bank loan, you are eligible for up to a maximum amount of 75% of your monthly income. This rate is subject to the following factors

Salary account holders with Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for a payday loan amount of 75% of your monthly salary.
Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you will be eligible for an Access bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed NGN 500,000.

Applying for the Access bank payday loan

The payday loan is a digital product, so you need not apply for it physically. You can get access to the payday loan through the Access bank payday loan code using the USSD – *901*11*1#, through Internet Banking – which enables you to borrow money online instantly or even Access Bank’s WhatsApp Banking platform. Also, you can access it through the Access Mobile App and QuickBucks App.

You can check out this post for other USSD codes for loans in Nigeria.

The application process usually takes up to 24 hours, after which the bank disburses the funds.

How to repay Access bank payday loan

Your Access Bank loan is eligible for repayment either by your next salary payment or 30 days from the day you take the loan. You don’t have to go through any process to repay. The loan amount is automatically deducted from your salary bank account.

Access Bank payday loan interest rate

The Access bank payday loan interest rate is 3% flat and this is subject to prevailing market conditions. This means that your interest rate may be different from 3%. Ensure that you make all the necessary enquiries from the bank before applying for a loan.

Conclusion

Finding yourself in a financially hard situation is no joy. For a salary or steady income earner, the Access bank payday loan is a great soft loan option for rainy days. You can check out the Zenith Bank loan for other options.

Bank of Industry Loan – How to Get a Loan in 5 Steps

February 3, 2023 by Olamide Famuwagun

Need help starting or growing your small or medium-sized business in Nigeria?

The Bank Of Industry (BOI) Loan can provide you with a loan.

This guide will show you how to apply and the needed requirements.

How To Apply For A Bank Of Industry Loan

You can apply for BOI Loans in two ways:

For Physical application, business owners are to visit any of the BOI branch offices located in 24 states in 6 geopolitical zones in the country or their headquarters in Lagos State.

Applications for BOI loans can also be made online, via the Bank of Industry website or the application link.

The Interest rate for BOI Term Loans is at a maximum of 10% per annum, while that of loans for working capital is at 12-15% per annum.

BOI loans start from an amount of N5 million. However, the Bank of Industry can provide smaller loans through its matching funds platform, which it operates through Microfinance banks.

Bank Of Industry Loan Requirements

Any business applying for a Bank of Industry Loan must possess the following:

(For Micro-credit Loans)

Application letter
Certificate of Registration (photocopy)
Copy of cooperative’s constitution and bye-laws
Business plan
Business owner’s passport photographs (4 copies)
Copy of means of identification
Business bank statement for one year
Record of sales for six months and operating expenses.
Evidence of collateral

(For Small and Medium-scale Enterprise/Large scale Entrepreneur)

Formal letter of application
Copies of the certificate of incorporation, a certified true copy of the memorandum, and articles of association.
Photocopies of the certified true copy of forms C02 and C07.
Business plan.
Statutory Certificate of Occupancy or Deed of Assignment
Photocopy of title documents to the collateral
Approved building plan
The estimate of the cost to be incurred on the factory building
Valuation reports on factory building(s) (for existing projects) and property offered as collateral security.
Plant and machinery quotations
The audited accounts of the business in the last three years
Tax clearance certificate for the company and two directors for the previous three years.
Passport photographs of each of the two directors and the company secretary (4 copies)
Evidence of appointment

The Bank of Industry needs businesses applying for loans to be held accountable, and so it mandates some assets of the businesses be pledged to secure the loan.

Other security options such as bank guarantees, mortgages on landed property, debentures, and external guarantors (in the case of loans worth less than N10 million). Third-party collateral is also suitable.

Conclusion

If you’re looking for a means to expand and grow your business, the Bank of Industry provides the perfect loans suitable for such capital-intensive financing.

Review: Why Federal Government Shutdown Online Loan Companies

February 2, 2023 by Olamide Famuwagun

It is no longer news that the Federal Government of Nigeria recently shut down some online loan companies. The government took this action due to the complaints they received about some malpractice perpetrated by these companies. Ever since these companies popularly called “Loan Sharks” have stopped their operations. Here’s the full detail of why the federal government shutdown online loan companies.

Why Federal Government Shutdown Online Loan Companies

What are online loan companies?

These are companies that allow you to borrow loans online. Basically, online loan companies enable you to complete the whole borrowing process without setting foot inside a bank. They are exclusively operated digitally. Hence, they are a very convenient way to borrow money, unlike conventional banks.

Additionally, online loan companies have less stringent borrowing requirements, unlike bank loans. This is one of the major advantages they have over conventional banks.

Are online loan companies illegal?

No, online loan companies are not illegal in Nigeria. However, some companies operate their online lending platform illegally in Nigeria. These illegally operated online loan companies have not registered their business with the Corporate Affairs Commission (CAC). Hence, they do not have the license to operate their businesses. In Nigeria, every business owner needs to register their businesss with CAC for it to be legal.

Generally, online loan companies are legal in Nigeria as long as the government has duly authorised them. Several other online loan companies operate their platform legally in Nigeria.

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Why did the federal government raid and shutdown 8 online loan companies?

The Federal Government shut down 8 online loan companies due to malpractice perpetrated by the financial institutions. Customers of these online loan companies complained about this malpractice, prompting the government to start investigating.

The first thing that prompted this move was the invasion of customers’ privacy by naming and shaming them online. These financial institutions used this means to recover their loans from debtors.

Also, the interest rate these online financial institutions charge violates the principles of how lending is done. This prompted FG to start investigating the location of these financial institutions to shut them down.

What online loan companies were affected?

Here is a list of the online loan companies that the federal government raided and shut down:

1. OKash

2. EasyCredit

3. Kashkash

4. Easy Moni

5. Speedy Choice

6. Soko Loan

7. GoCash

Basically, Blue Ridge owns most of these loan companies. They all operate on the third floor of a certain four-storey building in Ikeja, Lagos.

Can I still obtain loans from online loan companies?

Yes, you can still obtain loans from online loan companies. As stated earlier, there are some legally recognised online loan companies in Nigeria. Basically, these companies are guaranteed to provide you with instant online loans within a few minutes of your application. Also, since these companies are legal, you do not have to worry about malpractice.

Bottom line

Although the Federal Government has shut down the operations of illegal loan companies, it does not affect the operations of the legal ones. It is still very possible for you to obtain a loan from the registered loan companies in Nigeria. Borrowing from online companies is still a more convenient alternative to borrowing from banks.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

Trader Moni – Everything you need to know

January 27, 2023 by Olamide Famuwagun

Getting a loan is hard work. Anyone who has ever applied for and obtained a loan can tell you the process can be tedious, especially when you do not have any collateral. Lending money is serious business for loan providers because there is the risk that the loans are never paid back. So, what do you do if you are searching for a loan? Trader Moni.

In this post, we’ll look at what Trader Moni is, and why you should consider it if you are in search of a loan.

What is Trader Moni?

Trader Moni is a loan provision scheme, set up by the federal government of Nigeria, just like Market Moni, but it is unique in the sense that it is created and caters for petty traders and creatives in Nigeria specifically. It is a microlending tool in the Government Enterprise and Empowerment scheme set up by the government to support local businesses and crafts. The Bank of Industry executes the programme.

How does Trader Moni work?

It works on the idea of providing interest-free loans to petty traders and artisans. The more you collect and pay back, the higher your credit scores, which enables you to get more loans.

Who can get a loan from Trader Moni?

Anyone can access loans from Trader Moni so long as they are a petty trader or craftsman in Nigeria, and as long as the base loan amount of ₦10,000 can help your business grow. It is open to all owners of petty and small-scale businesses, such as kiosk owners, foodstuff sellers, cobblers, tailors, fruit vendors, and motorcycle and tricycle (Keke) riders.

How much is available from Trader Moni?

The amount offered in Trader Moni loans varies on different levels. You start from a base loan of ₦10,000. Once you pay back the loan, you become eligible for the next amount which is ₦15,000. The amount available to you increases the more you pay back the loans, up to a ₦100,000. As soon as you pay back your loan within three months, you automatically become eligible for the next amount.

How long do I have to pay back Trader Moni loans?

Six months. You are expected to pay ₦430 every week for six months. However, to become automatically eligible for higher amounts, you can pay back in three months, which is a payment of ₦860 every week. As soon as you can pay back the loans within six months, you become eligible for the next loan and a higher amount.

Do I need a bank account for Trader Moni?

Unlike regular loans in Nigeria that you get from your bank, which require you to operate a bank account with them, Trader Moni loans are administered to the states in Nigeria and therefore do not need you to run a bank account for the first loan. Subsequent loans, however, require a BVN and bank account. The loans are administered to the states by the Bank of Industry.

Conclusion

The loan platform provides financial assistance to petty business owners who need that little push to sustain their businesses. If you fall under this category, then Trader Moni is just what you need.

Market Moni – All you need to know

January 26, 2023 by Olamide Famuwagun

Economic inclusivity is one of the Federal Government’s goals. This works on the belief that every Nigerian can contribute to the economy of the country, no matter their occupation or status. One way the Federal Government expresses this belief is through the Government Enterprise and Empowerment Programme, which executes schemes such as Trader Moni and Market Moni.

In this article, we will consider what you need to know about Market Moni.

What is Market Moni?

Market Moni is another scheme under the Enterprise and Empowerment Programme (GEEP) (see GEEP Loan – Everything you need to know and how to apply for it). This programme was created to provide financial assistance for individuals of low-income status. Financial support is achieved through the provision of easily accessible, fast and interest-free loans. The only added charge is a five per cent (5%) administrative fee. The Bank of Industry executes the programme.

How does Market Moni work?

It provides loans in Nigeria with zero interest to market women and traders, craftsmen, the youth and those engaged in small to medium-scale agriculture. It is a Federal Government social intervention programme, meant to aid sections of the Nigerian population to make ends meet.

Who can get a loan from Market Moni?

Anyone can access loans from Market Moni so long as they are a petty trader, craftsman or farmer in Nigeria, and as long as they belong to an accredited cooperative or market association. It is open to all owners of petty and small-scale businesses, such as market women, foodstuff sellers, fruit vendors, farmers and the youth.

How much can you get from Market Moni loans?

The amount offered in these loans varies on different levels, just like Trader Moni. Recipients of the loans are eligible to collect loans ranging from N10,000 to N100,000 per beneficiary depending on the business. These loans do not have any interest charged on them; however, they come with an administrative fee of 5%, which is only charged once. Beneficiaries are eligible for higher loan amounts when they repay the first loans within the stipulated period.

How long do I have to pay back the loans?

The period for repaying these loans is six months. There is also a two-week grace period to ensure repayment. Once a beneficiary has repaid the loan, they become eligible to request for a higher loan. Read on market entry solutions and strategies to learn how to break into new markets.

How do I get a Market Moni loan?

Getting a market Moni loan is simple, you only need the following requirements;

Your Bank Verification Number
Proof of membership to a cooperative or association
Your business must have a location.
Your cooperative can stand as a guarantor in your loan application.

As Market Moni is a cooperative-based loan, to apply, your cooperative or association must indicate an interest in Market Moni. The Bank of Industry executes the loans, and so all applications go through them. You can apply via the Bank of Industry Website www.boi.ng/marketreg or by phone at 0700-CALL-BOI. You can also pay a visit to any Bank of Industry office branch, situated all over the country.

Conclusion

Market Moni provides financial assistance to petty business owners who need aid to sustain their businesses. The GEEP aims to support all businesses, and if your business falls under this category, you and your cooperative should consider registering and applying for loans.

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