Empowering the Underprivileged: A Deep Dive into Market Moni
In a concerted effort to foster economic inclusivity and tap into the potential of every Nigerian to contribute to the country’s economy, the Federal Government has launched Market Moni through the Government Enterprise and Empowerment Programme (GEEP).
Here at VoiceofNigeria.org.ng, we are dedicated to keeping you informed about the latest developments in financial empowerment and market-driven initiatives.
In this article, we delve into the intricacies of Market Moni, providing a comprehensive understanding of the scheme’s objectives and operations.
Unlocking Financial Freedom through Market Moni
Market Moni is a scheme under the Enterprise and Empowerment Programme (GEEP) that aims to provide low-income individuals with financial assistance. This is achieved through interest-free loans that are easily accessible and provided quickly. The Bank of Industry is responsible for executing the program, with an added administrative fee of 5% being the only charge.
A Helping Hand for Nigeria’s Small Business Owners
Market Moni offers zero-interest loans to market women and traders, craftsmen, the youth, and those involved in small to medium-scale agriculture. It’s a Federal Government social intervention program designed to support sections of the Nigerian population who struggle to make ends meet.
Who Can Access Market Moni Loans?
Market Moni loans are open to all petty traders, craftsmen, and farmers in Nigeria who belong to an accredited cooperative or market association. This includes owners of petty and small-scale businesses such as market women, foodstuff sellers, fruit vendors, farmers, and the youth.
How Much Can You Borrow from Market Moni?
The amount offered in these loans varies, but recipients can collect loans ranging from N10,000 to N100,000 per beneficiary, depending on their business. The loans come with a one-time administrative fee of 5%, with no interest charged. Repaying the loan within the stipulated period opens the door for higher loan amounts in the future.
Repaying Your Loan: A 6-Month Journey
Market Moni loans must be repaid within six months, with a two-week grace period to ensure repayment. Once the loan is repaid, beneficiaries become eligible for higher loan amounts.
Getting Your Hands on a Market Moni Loan
Getting a Market Moni loan is simple, requiring only a few things:
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- Your Bank Verification Number
- Proof of membership to a cooperative or association
- A location for your business
- Your cooperative can stand as a guarantor in your loan application
Market Moni is a cooperative-based loan, so your cooperative or association must indicate interest in the program. All applications go through the Bank of Industry, which can be done through the Bank of Industry website or by phone at 0700-CALL-BOI. You can also visit any Bank of Industry office branch located throughout the country.
In conclusion, Market Moni is a powerful tool for petty business owners looking for financial support to sustain their businesses. If your business falls under this category, it’s worth considering registering and applying for loans through Market Moni and the Government Enterprise and Empowerment Programme.
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