MICRO, SMALL AND MEDIUM BUSINESSES LOANS

August 26, 2020

MICRO, SMALL AND MEDIUM BUSINESSES LOANS

GEEP - Enterprise and Empowerment Programme

Micro, Small and Medium businesses are the bedrock of the Nigerian economy. Facts are: Nigerian has over 77 million MSMEs today, employing over 60 million of our people and contributing about 85% of our total labor force in the country. In its resolve to support and accelerate economic activity of MSMEs, the Federal Government has established MarketMoni.

MarketMoni, is a Federal Government micro-lending intervention that provides affordable loans of up to N100,000 (N50,000 for under-banked and unbanked first-time borrowers) at no interest rate apart from a five percent (5%) one time administrative fee. Our target is 1 million Nigerian micro businesses in all 36 states + the FCT. We encourage traders, artisans, enterprising youth and farmers to apply though our platform, especially women.

To access a MarketMoni loan:

1. First, you must have a BVN

2. Next, you must belong to an accredited market association or cooperative registered in your State or with the CAC.

3. Third, your association or cooperative must indicate its interest in MarketMoni by submitting its information to BOI including its certificate of registration. You may contact us through the following platforms:

visit www.boi.ng/marketreg
Call 0700-CALL- BOI (which is 0700-225- 5264)
visit any BOI office in the country, or
visit a NSIP assigned State Focal Person to register your cooperative’s interest in MarketMoni.

4. If your association or cooperative qualifies, a MarketMoni agent would be sent to your group promptly to verify and capture your member information for loan assessment.

The Federal Government believes in the inherent capacity of every Nigerian; young or old, literate or illiterate to contribute immensely to the country’s economy. And so, the Federal Government is focused on economic empowerment of its people. The Federal Government identifies with Nigerians working hard to keep their businesses afloat, and will continue to expand economic opportunity for every-day Nigerians.

For more information on how to apply, please visit https://marketmoni.com.ng

TraderMoni is a recent product of GEEP, being administered through the BOI. It is a N10,000 loan facility to petty traders, with at least 30,000 being targeted per State, and a total of 2 million Nigerians around the country. Enumerators are in the process of capturing ultra-business holders, such as vegetable and fruit sellers, hawkers of bread and small items such as gala, roasters of yam and food items, kiosks, who N10,000 loans would be meaningful in growing their business.

Once captured as a willing beneficiary, the N10,000 loan is transferred to the beneficiary’s phone. The funds are payable back over a period of 6 months, after which the beneficiary is expected to register a BVN and open an account, to entitle the applicant with a further loan of N15,000.