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.
A section of MarketMoni beneficiaries in Lagos State and key stakeholders in charge of the scheme had on Tuesday converged at the Teslim Balogun Stadium, Surulere, for the Lagos State Micro, Small, and Medium Scale Enterprises (MSME) Clinic organised by the Federal Government to support MSMEs.
Acting President, 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. Mrs. Abubakar, who inspected the exhibition stands and interacted with some GEEP MarketMoni beneficiaries, lauded the progress of micro businesses in Lagos State.
Executive Director, Financial Inclusion, Bank of Industry, Toyin Adeniji in a statement said the GEEP scheme includes loans in different categories called TraderMoni, MarketMoni, and FarmerMoni.
One of the beneficiaries in the state, who talked about the impact of the scheme on her business, Iyabo Lamidi, 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 N100,000 to boost my gift items business and the returns have been great.”
Another beneficiary, Margaret Jakpovi, who got a MarketMoni loan to support her cleaning business, said, “MarketMoni has helped me to employ more people; now, I can complete more jobs and earn more money.”
“The GEEP scheme includes loans in different categories called TraderMoni, MarketMoni, and FarmerMoni. In December 2016, disbursement commenced across the country, and as of today, there are over 350,000 beneficiaries across all 36 states of the nation including the FCT,” the statement said.
It added that the project was executed by the BoI, and it directly impacted traders, market women, artisans and farmers.
The criteria for selection were given as 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, according to the statement.
“GEEP MarketMoni loans are repayable in six months with two weeks grace period,” the statement said.