Economic inclusivity is one of the Federal Government’s goals. This works on the belief that every Nigerian can contribute to the economy of the country, no matter their occupation or status. One way the Federal Government expresses this belief is through the Government Enterprise and Empowerment Programme, which executes schemes such as Trader Moni and Market Moni.
In this article, we will consider what you need to know about Market Moni.
What is Market Moni?
Market Moni is another scheme under the Enterprise and Empowerment Programme (GEEP). This programme was created to provide financial assistance for individuals of low-income status. Financial support is achieved through the provision of easily accessible, fast and interest-free loans. The only added charge is a five per cent (5%) administrative fee. The Bank of Industry executes the programme.
How does Market Moni work?
It provides loans in Nigeria with zero interest to market women and traders, craftsmen, the youth and those engaged in small to medium-scale agriculture. It is a Federal Government social intervention programme, meant to aid sections of the Nigerian population to make ends meet.
Who can get a loan from Market Moni?
Anyone can access loans from Market Moni so long as they are a petty trader, craftsman or farmer in Nigeria, and as long as they belong to an accredited cooperative or market association. It is open to all owners of petty and small-scale businesses, such as market women, foodstuff sellers, fruit vendors, farmers and the youth.
How much can you get from Market Moni loans?
The amount offered in these loans varies on different levels, just like Trader Moni. Recipients of the loans are eligible to collect loans ranging from N10,000 to N100,000 per beneficiary depending on the business. These loans do not have any interest charged on them; however, they come with an administrative fee of 5%, which is only charged once. Beneficiaries are eligible for higher loan amounts when they repay the first loans within the stipulated period.
How long do I have to pay back the loans?
The period for repaying these loans is six months. There is also a two-week grace period to ensure repayment. Once a beneficiary has repaid the loan, they become eligible to request for a higher loan. Read on market entry solutions and strategies to learn how to break into new markets.
How do I get a Market Moni loan?
Getting a market Moni loan is simple, you only need the following requirements;
- Your Bank Verification Number
- Proof of membership to a cooperative or association
- Your business must have a location.
- Your cooperative can stand as a guarantor in your loan application.
As Market Moni is a cooperative-based loan, to apply, your cooperative or association must indicate an interest in Market Moni. The Bank of Industry executes the loans, and so all applications go through them. You can apply via the Bank of Industry Website www.boi.ng/marketreg or by phone at 0700-CALL-BOI. You can also pay a visit to any Bank of Industry office branch, situated all over the country.
Market Moni provides financial assistance to petty business owners who need aid to sustain their businesses. The GEEP aims to support all businesses, and if your business falls under this category, you and your cooperative should consider registering and applying for loans.