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MarketMoni: FG begins disbursement of interest-free loans to traders, artisans, youths & farmers

BellaNaija.com

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The Federal Government of Nigeria has commenced disbursement of interest-free loans to the latest accredited beneficiaries of MarketMonithe Government Enterprise and Empowerment Programme (GEEP) targeting market women and traders, artisans, youths and farmers. MarketMoni is one of four schemes under the Social Intervention Programme of the Federal Government, and is being executed by the Bank of Industry (BOI).

As part of the efforts of the President Muhammadu Buhari administration to stimulate the Nigerian economy and deepen financial inclusion for the under-banked and unbanked, over 24,000 Nigerians – including market women and traders, artisans, and youth – have so far benefited from the special intervention programme since its roll-out in December, 2016.

The Office of the Vice-President revealed that the Federal Government has commenced disbursements in thirteen (13) states and the Federal Capital Territory, through the Bank of Industry (BOI), and will be expanding across all states over the next two months. The areas of current disbursement include Abuja, Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Ogun, Ondo, Osun, Oyo and Rivers.

At an Abuja stakeholder discussion on the scheme, BOI Acting Managing Director, Waheed Olagunju, reiterated that MarketMoni is a demonstration of the government’s resolve to accelerate development of Nigeria’s micro-enterprises. He urged beneficiaries to be judicious in the use of the funds and to pay back, as it enables the programme to remain sustainable and expand its reach to millions of Nigerians and stimulate economic activity at the base of the pyramid.

“This Federal Government programme aligns with BOI’s goal of inclusive growth and expanding economic opportunity. Access to affordable funds is a primary challenge of micro, small and medium enterprises. MarketMoni is a direct response to this challenge – granting loans at unprecedented rates that cannot be accessed anywhere else. The government identifies with Nigerians working hard to keep their businesses afloat, and will continue to extend its assistance through initiatives of this nature,” Olagunju said.

MarketMoni seeks to expand access to credit for 1.6 million micro-enterprises annually, with over 50% targeted at women-owned enterprises. Further describing the programme, BOI’s Executive Director, Micro-enterprises, Toyin Adeniji said:

“Not only does access to affordable finance enable people grow their economic opportunity; it also breaks poverty barriers and pushes the frontiers of inclusive growth and financial advancement. The target ₦140-billion programme seeks to deliver this. We are working round the clock to scale the programme, and we are happy with the progress we have made so far.”

The ‘no-interest’ micro-credit loan scheme targets beneficiaries through their accredited market associations and cooperatives. Beneficiaries are required to have Bank Verification Numbers (BVNs), and can receive loans between N10,000 to N100,000 repayable over 6 months with a one-time 5% administrative fee to contribute to delivery costs.

Although over 24,000 people have benefited from the loans, MarketMoni has received entries from market associations worth over one million potential beneficiaries across the country, seeking to be vetted and accredited for the programme and expecting to benefit this year. A combined number of 8,436 market associations and cooperatives nationwide have registered for this scheme through the MarketMoni web portal (www.boi.ng/market) and paper application forms.

Some of the beneficiaries speak:

“GEEP MarketMoni loan has helped me to grow my business. I sell yams in Yola Town Market. I used to buy yams in pieces to sell, but since I got the loan, I now buy in bulk of more than 200 tubers from the villages and resell in retail and wholesale. I now have three people workig for me. I thank the Federal Government and Bank of Industry for this opportunity.”
Hafsatu Ahmadu
Association of Commodity Market Women and Men of Nigeria, Adamawa State Chapter.
“Government, thank you o. This MarketMoni loan don betta my life well well, now my market don increase.”
Princewell Amadi
Great Foundation MPCS, Port Harcourt, Rivers State.
“This MarketMoni loan came at the right time during the peak period of my business. During the last Christmas season, I expanded my provision store, increased my customers and made more profit. Thank you o!”
Madam Roeline
Quintessential Business Women Association, Abuja.
“This GEEP MarketMoni loan is real. I am a market woman in Oshogbo, Osun State. I applied for GEEP MarketMoni loan and I got disbursement within 24 hours, after my BVN was validated and my association vetted. I am so happy as I used the money to buy more goods and made more profit during the festive season.”
F.O.
Oshogbo Oroki Women Cooperative, Osun State.

38 Comments

  1. Prince

    February 13, 2017 at 1:38 pm

    Its OK. Where is BUHARI

  2. Bade

    February 13, 2017 at 2:32 pm

    Interest free loan? Aka free money? Talk about value destruction. Where is the incentive to use that money productively? Yet another scam for government officials to cart away with loot for FREE. Which way forward for Nigeria, oh Lord?

    • tunmi

      February 13, 2017 at 11:43 pm

      Haba!!!!! They do, you complain. Dem no do, you vex. Question, was YouWin also interest free?

  3. Victor Adegoke

    February 13, 2017 at 2:57 pm

    Good one by the Buhari Administration!

  4. Omagold

    February 13, 2017 at 9:10 pm

    This is a wash news to cool nigerians! Na wa na real wa

  5. MAMMANBABAGANA

    February 21, 2017 at 10:41 am

    OTHER STATE UP TO NOW IS NOT PAY GEEF LOAN LIKE YOBE, BORNO.KANO E.T.C

  6. Adebayo oluwole

    February 26, 2017 at 10:47 pm

    i have applied in fact is getting to 2 month now and not be given

  7. Adebayo oluwole

    February 26, 2017 at 10:51 pm

    i have applied in fact is getting to 2 month now and not be given to confirm this my number 07038308974 and please can individual apply apart cooperative

    • Shina

      April 11, 2017 at 4:57 pm

      Pls did you apply as an individual or through a cooperative society or association

    • ugo

      August 23, 2018 at 3:14 am

      how can I apply or fill the form for the online boo loan . please

  8. Eric Uche

    March 22, 2017 at 6:19 pm

    Tremendous.That would help alleviate poverty a great deal.

  9. Aminu yahuza

    March 24, 2017 at 12:38 pm

    please i am. from kaduna state zaria local government we fill the form and still not paid this is my no 08137528262

  10. Prince Ifesinachi Ogbu

    April 14, 2017 at 12:51 pm

    Sir, it interests us to benefit from this Scheme Bank Of Industry market MONI
    ARE A REGISTERED GROUP and from Enugu,
    We believe we are in the best position having considered that our State has not benefited from the on going ones
    Can you kindly advise us more?
    Thank you

  11. pat Anyanwu

    May 1, 2017 at 11:46 am

    I applied since February through my cooperative society, I also opened an account with Access Bank, but uptil now, nothing has happened.

  12. Adewura Arubuola

    May 13, 2017 at 12:58 pm

    Wow!
    People are smiling…..
    Testimonies everywhere….
    God bless our Mr President,
    God bless our vice president and
    God bless the Federal Republic of Nigeria

    • Enobong Dickson

      May 18, 2017 at 6:06 am

      I applied in Rivers state since March, uptill now,I haven’t heard anything about the loan,no payment has been made to anybody

  13. Faith ebere

    May 15, 2017 at 1:02 pm

    How can someone apply am interested

  14. Faith ebere

    May 15, 2017 at 1:02 pm

    How can someone apply

    • Betty Bepeh

      May 22, 2017 at 1:03 pm

      08117940529 you can call for further enquiries

  15. Enobong Dickson

    May 18, 2017 at 6:07 am

    I applied in Rivers state since March and uptill now nothing has been said about it and no payment has been made

  16. Akinbuyide

    June 7, 2017 at 10:54 pm

    Are they going to collect our bvn

  17. Danny

    June 21, 2017 at 7:03 am

    No one has accessed this loan in Imo state since its inception even after we applied for the loan. This is not good enough.08128637091

  18. chibueze stephen

    July 17, 2017 at 3:42 pm

    pls i did this since April and have not recieved any thing ……chibueze from Aba Abia state 08145500397

  19. Isah

    July 29, 2017 at 7:14 am

    Hello,I applied for loan but I have not received anything from you and I have been seeing people testimonies. Please

  20. Tari sylva

    August 8, 2017 at 8:31 am

    Pls I need your assistance. I apply for the market mini loan with my cooperative, I got a text message from geep to forward the names of members in my cooperative but last night my little boy reset my phone and I lost the email address I was suppose to send it to. Can you help me if you have access to email address to send it to. Thanks

  21. solomon

    August 15, 2017 at 10:17 pm

    hello, i apply for the market moni loan with my cooperative i got a text massage to forward names to an email address with a link to go through up till now i can asses the link pls i need help.

  22. idawari promise

    August 22, 2017 at 12:03 pm

    I applied for the loan at least four months ago,last week I got a message that my loan is ready…but this week Monday,I got a debit alert from my sterling account of the sum of #2,187 for repayment…I haven’t even collected the money.
    secondly,my agent is now demanding that the repayment be don’t through her..that is,we should be paying the money to her account…
    how true is this?

  23. Rotator Akinola

    September 1, 2017 at 5:53 pm

    I applied for loan since May, last Week I got a message that my loan is being processed that I will be notified on the status of application shortly but I haven’t see anything so far please how can you be of help

  24. Jumoke

    September 1, 2017 at 6:01 pm

    I applied for loan four months ago and last week I got a text message that it was not successful due my phone number doesn’t match one phone number which I don’t understand because I filled correct referee number. pls how can you help

  25. joseph

    September 8, 2017 at 8:58 pm

    I APPLIED SINCE MAY AND LAST WEEK I GOT TEXT MESSAGE THAT MY B.V.N DID NOT MATCH MY DETAILS.AND I TRIED TO SEND MY DETAILS THROUGH THE WEB SITE GIVEN TO ME,BUT IT REFUSE TO OPEN..PLEASE TELL ME WHAT I WILL DO

  26. blessed

    October 4, 2017 at 10:59 pm

    how can i upload my template?

  27. Oyefeso

    November 15, 2017 at 10:04 pm

    Go back to where you register and let them verify your bvn may be there is mistake with your name and make sure you use the phone number you use for your bvn registration, if there is no mistake you get the loan if there is mistake you will be disqualified.

  28. Mathew B bayode

    January 5, 2018 at 7:07 pm

    U are the best o

  29. Mathew B bayode

    January 5, 2018 at 7:10 pm

    U Dat u did not see ur own go nd retrieve bvn or ur name

  30. Eneji Mathias

    May 4, 2018 at 1:43 pm

    Pls I have received the loan since February. But my challenge is how to do the payback. because most of the bank s listed either do not understand the platform called paydirect & the means to go about it. Pls help me

  31. Tijjani abubakar sadiq

    October 10, 2018 at 7:41 pm

    I need market moni loan at federal government

  32. Udeme Bright

    December 27, 2018 at 6:06 pm

    How do i apply to get the individual loan for my business

  33. Udeme Bright

    December 27, 2018 at 6:07 pm

    How can i apply to get a loan for my individual business?

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