The Federal Government of Nigeria established a social intervention programme called Market Moni. Which is a government enterprise and Empowerment programme (GEEP) created to provide financial aid for the under bank and unbanked. The market moni (GEEP) objectives are to assist SME with easy and quick loans at no interest rate besides a five percent (5%) administrative fee. Their other objective is to provide loans to men and market women and traders, artisans’ enterprising youths and small scale farmers and again worker nationwide.
The loan requirements
- you must belong to a registered and accredited market association cooperative or trade group
- You must have a valid BVN.
- Your market association cooperative or trade group must nominate you for a loan and must be willing to stand in as your guarantor.
- your market association Cooperative or trade group must be registered with BOi
- You must have a business location which will be verified by market moni agents.
MarketMoni, also known as the Government Enterprise and Empowerment Program (GEEP), issues interest-free loans to market women and traders, artisans, youth and farmers. It is one of the social intervention programs of the Federal Government, and is being executed by the Bank of Industry (BOI).
This ‘no-interest’ loan scheme is accessible to beneficiaries through their accredited market associations and cooperatives. Upon confirmed membership of accredited market associations, provision of Bank Verification Numbers (BVNs), and assignment of a MarketMoni agent, beneficiaries qualify to obtain loans ranging between N10, 000 to N100, 000 repayable over 6 months, with a one-time 5% administrative fee to cushion costs. According to the latest official report from BOI 24, 000 beneficiaries have accessed MarketMoni so far.
MarketMoni’s 6-month repayment tenure eases the burden on the beneficiary. The entrepreneur is better able to focus their energies on growing their business rather than meeting aggressive targets. The loan also comes with a 2-week moratorium prior to commencement of weekly repayments starting on the third week of the life of the loan. For example, a N20, 000 loan beneficiary would pay back N875 weekly. A beneficiary who makes a daily contribution therefore pays less than N200 per day, an amount that can easily be set aside while reaping the benefits of significant injection of capital into their business.
Special Women and Gender Advantage
From the N500 billion budget voted to social intervention programmes for 2016, MarketMoni accounts for N140billion – subject to funding – to target about 1.6 million market women and traders, artisans, enterprising youth and agricultural works over the one-year period. BOI targets women-owned businesses for 60% of MarketMoni.
This gender advantage emanates from researched knowledge that difficulty accessing finance is more prevalent among women, and has been a persistent barrier to the comparative participation of women in the micro-economy. Giving an edge to women has become imperative in the light of the multiplicity of roles of women micro-entrepreneurs as breadwinners and home-makers, and more likely participants in microenterprise than big business. A specific targeting of women accelerates the programme’s direct impact on job opportunities at the base of the pyramid, and a consequent reduction in poverty.
Procedures to apply for bank of industry marketmoni fund
Applying for the BOI marketMoni business loan is easy and convinient.
Members of an accredited market association, cooperative or trade group who have valid BVNs and whose business locations can be verified can apply following these procedures:
ASSOCIATION LEGAL REGISTRATION
Confirm from your association, cooperative or trade group leadership that they are registered at the State or National (CAC) level.
Get your association, cooperative or trade group to register for BOI accreditation by going to BOI accreditation portal.
your association, cooperative or trade group is required to send an email to BOI at GEEP-States@boi.ng to confirm the completion of steps 1 and 2 above and include a copy of the group’s State/National registration certificate.
BOI will engage with your association, cooperative or trade group to validate registration. MarketMoni agents will, thereafter, visit your group to register you for loan consideration.
Loan is conveniently released directly to you after registration approval and loan confirmation.