Trader Moni USSD Code, Registration Portal & How to Apply

All you need to know about the “Trader Moni” scheme, Trader Moni USSD Code, Registration Portal & How to Apply step by step guide.

One of the campaign promises made by the present-day administration under the leadership of President Muhammadu Buhari was “Business and Entrepreneurship development”. This particular campaign promise was to ensure that  Nigerians experienced ease as they carry out their business transactions.

The trader moni scheme also came into being considering the hassles Nigerians go through in order to get capital to start or fund their businesses. From the inception of the scheme by the Federal government, the goal was to reach out to over 2 million Nigerians.

trader moni ussd code

About Trader Moni

One of the initiatives and Social intervention programs under the “Business and Entrepreneurship development” is the “trader money”. The trader money initiative is an empowerment scheme that was set up to help traders.

Under this scheme, about 2 million traders are to get soft loans. By soft loans, it means that they are to get money which they would pay back without interest. Part of the plans of the Federal government while setting up this scheme is to boost the economy of the country.

The trader money came into being under the Bank of Industry(BOI) and the Government Enterprise and Empowerment Program(GEEP) in the year 2016. As mentioned earlier, the plan of the Federal government in setting up this scheme was to provide soft loans for traders, artisans, and farmers. By so doing, these people are not only able to expand their business but also to boost Nigeria’s economy.

Even though the trader money is an interest-free loan, the least amount that can be gotten initially is 10,000 naira. according to the setup of the trader moni scheme, a beneficiary can qualify for a higher amount after he or she has successfully returned the amount gotten earlier.

The trader money is funded by the Federal government of Nigeria and the funding is executed by the Bank of Industry(BOI).

Eligibility For The Trader Moni Loans

The trader moni loan is not for everybody. The loan is exclusively for traders, farmers, and artisans across the country. This means that no state is exempted from being a beneficiary of the trader money loan.

It is also important to note that being a beneficiary of the trader’s money does not require any interest or loan. This definitely sounds good, don’t you think so?

How to Get The Trader Moni Loan

Just like there are procedures to getting loans from any financial institution, there is also a procedure one needs to go through in order to get the trader money loan.

However, the trader money loan may not be as tedious and may appear less demanding than that of the financial institutions.

Outlined below are some of the steps a beneficiary is expected to take in order to secure the trade money loan using the Trader Moni USSD Code:

First, the trader money scheme has its agent in all the states across the country, you need to check out the trader money agent in your state on the official website of the trader moni.

After you have been able to locate any trader money agent around you, the next step is to register your details with the trader money agent coordinator in your state. Upon registration of your details, a code will be sent to your phone. The next step is that you can get your money from the bank. Pretty easy, right?

Beneficiaries of the trader’s money are to pay back the loan in six months after which he or she is eligible for another one.

Trader Moni USSD Code

The USSD code makes for ease of transfer and the Federal government has liaised with banks in the country to ensure ease of transfer using the USSD code.

Below are the lists of various banks and their Trader Moni USSD Code.

Ecobank-* 4255023*Account Number

FCMB- *4255025* Account Number

UBA- *42550213* Account Number

Union Bank- *42550214* Account Number

First Bank- 4255024* Account Number

Wema Bank- *42550216*Account Number

If you are not banking with any of the banks listed above, use the code *4255* on your phone and follow the on-screen instructions.

Also, ensure that the 6 digit PIN serves as your password while making a transfer.

So far, the trader money scheme has reached 32 states, 42 urban markets, and 6 geopolitical zones across the country.

Read ALso: Top 10 Mobile Loan Apps for Online Lending in Nigeria


As it is with any government in power, the Buhari-led administration has received several backlashes and criticisms from people who do not agree with the scheme, especially from members of the opposition. Some are of the opinion that the trader money is a vote-buying scheme by the Federal government.

There have also been rumors that sometimes before the monies get to the beneficiary, a certain amount has already been deducted by the “Iya-Loja’s”. Not only that, some persons are being accused of posing as “trader moni” agents and requesting for traders to register with them.

Notwithstanding, the primary aim of the scheme is “financial inclusion”. Has the government been able to achieve this? Is the procedure of getting the loan as easy and stress-free as it has been painted to be? Is the system of getting the loan bias-free? These and many more are some of the questions on the lips of many Nigerians.

Are you a beneficiary of the trader money scheme or do you know anyone who has been a beneficiary? What was the experience like getting the loan? Did you experience any difficulty accessing the loan? How long did it take you to pay back the loan and get another one?

In your opinion, will you commend this initiative by the federal government to ensure that Petty traders, farmers, and artisans have access to funds with which they can start their businesses? Please feel free to share your thoughts in the comment section.