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Tradermoni Beneficiaries Receive More Loans From BoI


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The Bank of Industry has made it known that it has started disbursing more TraderMoni loans to those who have repaid the initial N10 , 000 they received.

The Bank stated that the step is in response to the impressive number of people repaying the previous loans they had received via the scheme.

According to the Bank, a lot of beneficiaries have been able to repay through a flexible weekly loan repayment plan of N430 per week paid over 6 months.

It was made known that those who received the loans paid back on the PayDirect platform available in commercial bank branches across the country as well as via the purchase of repayment scratch cards that could be gotten from TraderMoni agents.

In Nigeria, small businesses not only employ over 80% of the labour force, but they also contribute 50% to the country's Gross Domestic Product.

Unfortunately, these businesses still don't have access to the necessary fundings that can help flourish their enterprises. This prompted the Federal Government to introduce the Government Enterprise and Empowerment Programme in 2016 which has so far reached over 1 . 5 million Nigerians through small loans.

The loans starts from N10 , 000 and beneficiaries can even receive up to N300 , 000

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