Economic inclusivity is a cornerstone of the Federal Government’s vision for a prosperous Nigeria. The belief that every Nigerian, regardless of occupation or status, can contribute to the nation’s economy is at the heart of initiatives like the Government Enterprise and Empowerment Programme (GEEP). Within the ambit of GEEP, programs like Trader Moni and Market Moni have been introduced to provide accessible financial support to individuals with low-income status.
What is Market Moni?
Market Moni is a vital component of the Government Enterprise and Empowerment Programme (GEEP), designed to extend financial assistance to low-income individuals. Administered by the Bank of Industry, this initiative offers interest-free loans with a nominal administrative fee of five percent (5%).
Who Can Benefit from Market Moni?
Market Moni is inclusive and accessible to a wide range of individuals, including market women, traders, craftsmen, youth, and those involved in small to medium-scale agriculture. The program is a testament to the Federal Government’s commitment to uplifting various sections of the Nigerian population.
Loan Amounts and Repayment
Beneficiaries of Market Moni can receive loans ranging from N10,000 to N100,000, depending on the nature of their business. Importantly, these loans are interest-free, with the only charge being the aforementioned administrative fee. The repayment period is set at six months, with an additional two-week grace period to facilitate a smooth repayment process. Furthermore, prompt repayment opens the door to higher loan amounts for future ventures.
Application Process
Acquiring a Market Moni loan is a straightforward process, requiring a few essential documents:
- Bank Verification Number (BVN)
- Proof of membership in a cooperative or association
- A physical business location
- A cooperative acting as a guarantor in the loan application
Since Market Moni is a cooperative-based loan, interested parties must have their cooperative or association express interest in the program. The Bank of Industry oversees all loan applications, which can be submitted through their official website (www.boi.ng/marketreg), by phone at 0700-CALL-BOI, or by visiting any Bank of Industry branch nationwide.
Conclusion
Market Moni is a lifeline for petty business owners seeking financial support to sustain and grow their ventures. The Government Enterprise and Empowerment Programme (GEEP) is dedicated to bolstering businesses across various sectors. If your business aligns with the program’s objectives, consider registering with your cooperative and applying for these invaluable loans. Together, we can foster economic inclusivity and prosperity for all Nigerians.