The Federal Government, through the Bank of Industry (BoI), has successfully disbursed MarketMoni loans to 31,594 microenterprises in Lagos State. MarketMoni loans are zero-interest loans available under the Government Enterprise and Empowerment Programme (GEEP), one of the National Social Investment Programmes (NSIP) of the Federal Government of Nigeria.
On Tuesday August 7, 2018, a section of MarketMoni beneficiaries in Lagos State, and key stakeholders in charge of the scheme were at the Teslim Balogun Stadium, Surulere, for the Lagos State Micro, Small, and Medium Scale Enterprises (MSME) Clinic, also organised by the Federal Government to support MSMEs.
At the MSME Clinic, the Acting President, Professor Yemi Osinbajo was represented by the Minister of State for Trade and Investment, Mrs Aisha Abubakar and the Special Adviser to the Vice President on MSMEs, Mr Tola Johnson.
The Minister of State for Trade and Investment, who inspected the exhibition stands and interacted with some GEEP MarketMoni beneficiaries, expressed delight at the progress of micro businesses in Lagos State.
Apart from providing financial support in terms of interest-free loans, she revealed that the Government is prepared to ease all the policy regulations and bottlenecks that are currently confronting MSMEs in Nigeria.
The beneficiaries in the state also talked about the impact of the scheme on their businesses. Iyabo Lamidi, who sells gift items said, “When the Iponri Market Elders told us about the loans I didn’t believe at first until market women started testifying. Now I can proudly say MarketMoni is real. I got 100,000 to boost my gift items business and the returns have been great.”
Another, Margaret Jakpovi got a MarketMoni loan to support her cleaning business. “MarketMoni helped me to employ more people. Now I can complete more jobs and earn more money, ” she said.
The GEEP scheme includes loans in different categories called TraderMoni, MarketMoni, and FarmerMoni. In December 2016, disbursement commenced across the country, and as at today, there are over 350,000 beneficiaries across all 36 states of the nation including the FCT.
The project is executed by the Bank of Industry (BOI), and it directly impacts traders, market women, artisans, and farmers. Criteria for selection include a valid Bank Verification Number, membership of a registered cooperative or market association and a mobile phone. It requires no collateral and it is interest-free.
GEEP MarketMoni loans are repayable in six months with two weeks grace period.