See Steps on how to pay back your trader moni loan and apply for another one/ trader moni weekly, monthly payment schedule
Hope you recall that the trader moni is just a loan and not a free money or grant? You are expected to pay this money back withing a given period of time and it is only when you meet this number one requirement that you can apply for another bigger loan. Please note that the repayment is scheduled to be done weekly.
Now what comes up in the mind of every applicant is how they can repay back the loan so that they can get another loan.
If you fall into this category this article shall help you make a plan on how you should repay your loan,we shall give you a list of banks that are partnering with the Bank of Industry bio.
The trader moni is one of federal government social reinvestment programs aim at providing easy access to loan for operators of petty businesses across the country.
The federal government has come to realize that the importance of small scale enterprise can not be overemphasized and is one of the bedrock of a strong economy and without first lifting and helping small scale business out from near or total collapse the economy might slide back to recession.
Objective of trader moni 2023/2024
You will recall that your BVN was collected from you while you where applying for this loan, BVN was introduced in order to checkmate fraud or those who will only collect the money with out utilizing it well or those who have the intention of taking the loan without making out concrete plan on paying back
How much is given to each trader moni beneficiary
Each beneficiary that meet the requirements are entitled to get a loan of 15,000 naira, you might say this loan is very small but have it in mind that those who where able to repay the loan will have access to more loan.
How much should we repay each week
Recall that i made it clear that you are expected to make weekly payment? Most question most trader moni beneficiary are asking is “how much should we pay per week?” all those who collected the 10,000 loan first trench are expected to pay back 430 naira weekly for a period of 6 months.
How trader money works and amount to repay (calculation)
- Trench 1: In a month we have 4 weeks now multiple 4 time 6 months = 24 months
- Now multiple 24 times 430 = 10320 Hope it’s clear to you?
- Trench 2: Those who where able to pay back will get another 15, 000, the government expect you to repay back this 15,000 within 6 months again.
- Trench 3: those who where able to pay the 15,000 will move to trench 3, where you will be given 20,000.
- Trench 4: those who pay the 20, 000 naira Loan will be given 15,000 naira only to invest in their business.
- Trench 5: this is the ultimate plan, those who have reach this plan will receive 100,000 to help expand their business.
How can i repay back my trader moni loan
Payment are usually done in some listed banks that are partnering with the Bank of Industry. These banks has been mandated to help the federal government collect this money.
All this loan are repay through rimita so quickly locate any of the banks i listed below
Walk up to the banks and tell the customer representative that you want to repay your trader moni loan. Please beware of fraud stars never you transact with any body outside the banking premises.
WEEKLY LOAN REPAYMENT SCHEDULE
Here we have been able to come up with a repayment schedule plan.
Amount to pay back
Where will I payback my Trader Moni Loan?
To back your Trader Moni Loan, locate any of the banks listed below and pay back;
- Eco Bank
- Fidelity bank
- GT Bank
- Heritage Bank
- Jaiz bank
- Stanbic Bank
- Sterling Bank
- Union bank
- Wema bank
Above are the banks you should make your payments to, don’t forget to collect an evidence of your payment, file it properly for future reference and eveidence because the federal government will demand all the receipt from you so that they can process your next loan.