The primary focus of every government is welfare and security because these are what, in essence, depict the citizens’ standard of living. In a bid to cater for the welfare of its teeming population, the Federal Government of Nigeria created different empowerment schemes – one of which is the Trader Moni.

Nigeria is home to over 200 million people, making it the world’s most populous Black country. But this large population has always been a major concern for every government that has steered the wheel of affairs of the nation. So while some people learn how to make money online, there is also an FG empowerment scheme you can access to earn a desirable livelihood for yourself.

For many years, different projects have been launched to push the lingering narrative of the population status from an overpopulated country to a nation with an optimum population. One way or the other, this has not been successfully achieved as a preponderance of the Nigerian population’s lacks access to basic needs. In contrast, others do not have the starting capital for small-scale businesses.

Everything you should know about Trader Moni

In similitude to the local parlance, “it is best to teach people how to fish than to give them fish,” the idea of Trader Moni, which is an FG empowerment scheme, came to light. Trader Moni is one of the three microcredit products of the Government Enterprise & Empowerment Programme (GEEP) to provide a base capital for Nigerians to start small-scale businesses. Other products of GEEP are Market Moni and Farmer Moni.

In light of the foregoing, this article highlights everything you should know about Trader Moni, an FG empowerment scheme.

What Is Trader Moni?

Trader Moni is a loan scheme by the Federal Government of Nigeria, under the execution of the Bank of Industry, to provide loans to petty traders, artisans, and farmers at zero interest rates. This means that Trader Moni loans are free of interest which is in converse with the loan products of traditional banks and other loan sharks.

This empowerment scheme aims to enable low-income Nigerians to become financially independent by being petty traders or artisans to boost their standard of living. It is in the belief of the FG that over half of the country’s problems are solved if its citizens can have financial access to basic needs.

Moreover, the initiative of Trader Moni comes in consonance with the long-term goal of the FG to lift a sizable number of the Nigerian population above the poverty line. According to the World Bank standard measure, a population below $1 daily is poor. As such, if we look at the real exchange rate of the dollar to naira today, it shows that some Nigerians are living below N500. Hence, Trader Moni aims to improve and sustain the financial status of low-income Nigerians.

Eligibility For Trader Moni Loan

Notably, the Trader Moni loan programme is not open to every Nigerian. This scheme is exclusively available for certain persons, ages, occupations, etc. Therefore, people eligible for the Trader Moni loan must be:

  • 18 years old and above
  • A Nigerian
  • Have valid proof of identity
  • Be a petty trader or artisan. These are mobile tailors, Keke riders, wheelbarrow pushers, food sellers, vulcanizers, fruit sellers, etc.
  • Have a steady income to pay back the loan without interest
  • Must have a Bank Verification Number (BVN) for the second loan
  • Have a mobile phone and registered phone number

How Does Trader Moni Work?

Trader Moni works on the idea of providing interest-free loans to Nigerian petty traders and artisans. So this can be likened to your friend or family member lending you some money without interest. Also, your eligibility for more loans is a function of your timeliness in repaying your outstanding loan. The more you collect a loan from Trader Moni and pay it back, the higher your credit scores qualify you for a higher loan.

The base loan from Trader Moni is N10,000 for the first month, which does not require your account number or BVN. You only need your registered phone number to be eligible for the loan. However, as the second loan increases to N15,000, you will need both a bank account number and BVN to access the loan.

Moreover, the amount of loan you access can increase to N100,000 if you pay your outstanding loan on time – mostly within three months to qualify for the next level of the FG empowerment scheme. It usually takes a maximum duration of six months to repay your loan. This means that if you a N10,000 loan from Trader Moni, you are expected to pay N430 every week for six months. But if you want to qualify for the level, you will pay N860 every week for three months.

How To Apply For Trader Moni

Eligible persons can apply for Trader Moni online or offline.

How To Apply For Trader Moni Online

  • Go to the official website of Trader Moni
  • Click on “Resources”
  • Enter your details correctly in the form and submit
  • Follow the instructions promptly and get your loan. “How to get Trader Moni cash.”

How To Apply For Trader Moni Loan Offline

  • Visit the nearest Trader Moni agent in any of the 36 states in Nigeria
  • The agent will capture your details
  • If you qualify for the loan, you will receive a text message with a code from the FG.

Benefits Of Trader Moni

Everything you should know about Trader Moni

The Trader Moni scheme has pitched so many benefits in helping some Nigerians in various ways.

1. Improves Standard Of Living

As earlier stated, providing for its citizens’ welfare is one of any government’s core functions. An initiative like Trader Moni has been able to achieve that feat, such that it has improved people’s standard of living, which in turn, lifts them beyond the poverty mark.

For instance, a loan of N10,000 can enable a food seller to buy more foodstuff and cook more to make more profit to cook more quantity of food. This would bring an increase in the turnover of the business, which can enable access to basic needs.

2. Reduces Social Vices

According to the cliché, “an idle hand is the devil’s workshop.” This is almost impossible when you have a handiwork that fetches you some money. Trader Moni helps to engage people, especially the young population, to have a source of livelihood that can get them busy and eschew social vices like hooliganism or theft that can strain the security of an area.

Therefore, the loan from Trader Moni enables low-income individuals to find a path of endeavour that helps to bring productivity.

3. Increases GDP

It is common knowledge that small and medium-sized businesses largely run Nigeria’s Gross Domestic Product (GDP). This means that Trader Moni plays a pivotal role in increasing the GDP of the country by making loans available for selective Nigerians to ace their business or craft.

The more productive a country is, the more its GDP growth enables sustainable socioeconomic development.

A Testimonial Of Trader Money

John is a father of three kids with no stable source of livelihood. He lost his food store to a fire outbreak that gutted the market where his store is located. This made John and his family languish in poverty and debt because most of the foodstuffs that got burnt in his store were gotten on credit.

Life became hard, and the family lived from hand and mouth. His kids had to drop out of school since he could not afford their tuition fees, and he used his savings to pay debts. However, John’s wife was lucky to be in the market when she heard people talking about Trader Moni. She had necessary questions about the federal government scheme and went home to tell John.

John went to the Trader Moni agent closest to him to register, and he qualified for the loan. John gave the N10,000 loan to his wife to start selling foodstuffs. Within six months, they were able to live out of their problem zone as he got back to his feet and returned to his food business.

Frequently Asked Questions About Trader Moni

Is N10,000 The Least Loan I can Get From Trader Moni?

No. N10,000 is the threshold of the amount of loan you can get. You become eligible to get loans as high as N100,000 when you pay your loans as and when due. You automatically qualify for a higher loan when you pay your outstanding loan within three months.

How Long Do I Have To Pay My Trader Moni Loan?

You are scheduled to pay your loan weekly for three or six months, depending on your preference. But the three-month repayment plan qualifies you for the next loan.

Who Is Eligible For Trader Moni Loan?

This loan is designed for very low-income Nigerians. These are food sellers, fruit sellers, Keke riders, vulcanisers, mobile tailors, and wheelbarrow pushers.


Financial security is the best dividend that a government can give its people because if this is taken care of, the economy and security of the country will grow exponentially. It is from this awareness that the Trader Moni is stemmed. Trader Moni has been beneficial to many Nigerians in achieving a sustainable standard of living and putting social vices to a bearest minimum.

Therefore, it is important to access this loan, an invention from the FG, to help you grow your business or craft to achieve your much-desired goals.