How to check if You qualified for tradermoni in Nigeria

Introduction

TraderMoni is a collateral-free interest-free micro-credit scheme launched by the federal government of Nigeria under the Government Enterprise and Empowerment Programme (GEEP). The scheme provides N10,000 loans to petty traders across the country in order to help them expand their businesses. Since its launch in November 2018, TraderMoni has disbursed over N36 billion to over 2 million petty traders.

TraderMoni Eligibility Criteria

To qualify for TraderMoni, an individual must meet the following criteria:

Nationality

The applicant must be a Nigerian citizen with a means of identification such as a voter’s card, driver’s license, or international passport. Non-Nigerian citizens are not eligible, regardless of how long they have lived in the country.

Age

The applicant must be at least 18 years old. Younger individuals are not considered mature enough to responsibly run a business.

Business Type

The applicant must be an existing petty trader, artisan, or entrepreneur running a small business. Only micro-enterprises in the informal sector with no employees qualify. Large corporations and companies are excluded.

Residence

The applicant’s business must be located within Nigeria. Traders operating across borders or those running solely online businesses from abroad do not qualify.

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Bank Details

Applicants are expected to have bank verification numbers (BVNs) and linked bank accounts. This enables them to receive loan disbursements electronically. Those without such accounts must open ones first.

These are the key eligibility filters that determine if a prospective applicant can proceed with the TraderMoni application process. Failing to meet any of these requirements means automatic disqualification.

Required Documentation

Once an individual satisfies the eligibility criteria, the following key documents must be provided as part of applying for TraderMoni:

Means of Identification

A recent passport photograph and one of the following ID documents – voter’s card, driver’s license, or international passport containing the applicant’s biodata and signature. Expired or blurry documents will be rejected.

Business Registration

Evidence of trade association membership or local government registration for the business. This proves the venture’s legitimacy. Newly registered businesses may still qualify.

Bank Details

Applicants must present their bank verification number (BVN) and linked bank account number. Statements may also be required for verification.

Location Proof

Documents like electricity bills, tax receipts, or signed affidavits from trade heads confirming the business address can serve as proof.

Ensuring all required supporting documents meet guidelines helps fast-track applications and avoids delays caused by incomplete submissions. Prospective beneficiaries are advised to prepare these in advance.

The Application Process

With the above set of criteria and documents in place, here are the step-by-step methods for applying for TraderMoni loans as a verified beneficiary:

Online Application

Applications can be submitted on the TraderMoni website using smartphones or computers. Details are filled out in an online form, and images of documents are uploaded.

Dial *459# USSD Application

The Unstructured Supplementary Service Data (USSD) code *459# on any phone enables application via an interactive menu system without internet access.

Visiting Local Banks

Some beneficiaries prefer walking into partner bank branches to submit hard copies of forms with documents attached. Assistance is provided to applicants.

NIRSAL Microfinance Bank

This bank operates a toll-free line and regional support centers nationwide to enroll and screen applications. Face-to-face guidance is available.

Upon successful submission, the next steps involve documenting geo-coordinates of applicant locations for mapping, reviewing forms for completeness then linking to the backend credit-scoring mechanism. This validation process takes 2-4 weeks on average.

Verification and Disbursement

When an application passes preliminary checks, the following activities continue the verification:

  • Credit bureau and identity checks using BVN and documents
  • Physical visits to applicant business locations by agents
  • Collection of geo-tagged photos as proof of existence
  • Interview of applicant at a location by agent
  • Review of interviews and evidence by a panel
  • Risk assessment and final beneficiary selection
  • SMS alerts on approvals to verified phone numbers
  • Beneficiaries informed of disbursement bank, date, and mode
  • Funds electronically credited to linked eligible accounts

Once the multi-step process confirms an individual as a qualified TraderMoni beneficiary, loans are usually disbursed between 2 to 6 weeks after application. Shortlisted traders are notified by phone.

TraderMoni Portal

For continuous updates and information on their status, beneficiaries can also check the TraderMoni portal available on partner app store links. Features include:

  • Application submission and tracking
  • Updating personal and business details
  • Loan repayment reminders and reports
  • Notices on new disbursement cycles
  • Requests for assistance, feedback, and complaints
  • News, guidelines, and frequently asked questions

The portal serves as a one-stop information hub for all TraderMoni programs and services across the country. Downloading the dedicated mobile app also gives on-the-go access for users.

How to Check TraderMoni Eligibility Status

Now that we have discussed the entire process exhaustively, here are the specific steps qualified individuals can follow to check their TraderMoni eligibility status:

Visit the TraderMoni Website

Logging onto https://startcredits.com/loans/tradermoni/ on a device enables the “Check your status” feature.

Enter Application Details

Applicants provide the phone number or email used during initial enrollment. Other asked details help identify unique records.

Provide Security Information

Additional authentication like date of birth, preferred disbursement bank, etc is required to thoroughly verify identities.

Screening and Status Update

The backend system screens the inputs against existing records and displays the current application status.

Follow up Regularly

Those yet to receive disbursements should keep rechecking at valid intervals. Successful applicants proceed to repayment details.

This status lookup process helps users conveniently track their individual TraderMoni applications end-to-end without long waiting periods or disturbances.

TraderMoni FAQs

Here are answers to some of the most frequently asked questions about the TraderMoni program in Nigeria:

How long do I have to repay the loan?

All TraderMoni loans are usually repayable within six months from the disbursement date without interest charges. A moratorium period applies.

Can I get a higher amount after repaying N10,000?

Yes, successful N10,000 beneficiaries can receive boosts of N15,000 and N20,000 in subsequent cycles, subject to timely loan returns and expansion of trade volumes.

What are the loan repayment options?

Repayments are typically made daily, weekly, or monthly via bank deductions from linked accounts using running order forms generated at the point of disbursement.

Can someone apply on my behalf if I’m busy?

No, applications must come directly from the beneficiaries themselves. No third-party enrollments are allowed to avoid risks of fraud or misrepresentation.

What happens if I’m unable to repay due to hardship?

Extension waivers may be granted on a case-by-case basis for proven difficult periods. Penalties are avoided as long as genuine reasons are communicated promptly through proper channels.

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