12,712 Oyo State residents expand their trade with GEEP MarketMoni no-interest loans.
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Over 12,000 beneficiaries from Oyo State are now counting their gains from the Government Enterprise and Empowerment Programme (GEEP) MarketMoni interest-free loans.
The Federal Government (FG) revealed this today at the state’s Micro, Small and Medium-Scale Enterprise (MSME) Clinic, where the Vice-President Prof Yemi Osinbajo interacted with over 2,500 of the beneficiaries in the ancient city of Ibadan.
Speaking at the event, the Vice President, Prof. Yemi Osinbajo stated that “the president has directed the expansion of the GEEP MarketMoni loan to accommodate the least traders.” According to him, It is “the hope of Mr. President to broaden opportunities to every Nigerian by providing such loans such as the MarketMoni loans, TraderMoni, and the latest being the FarmerMoni to accommodate even the least trader”
He added that the loan is meant for every Nigerian who is willing to work, earn a living and at the same be a partner in the ongoing efforts at resuscitating the economy.
Also speaking at the event is the Executive Governor of Oyo State, Abiola Ajimobi noted the importance of MSMEs to the economy and lauded the federal government for its outstanding initiatives geared at bolstering the economy by empowering MSMEs. He stated that “Small business is where prosperity begins because it is the live-wire of the economy,” He stated that the federal government must be commended not only for realizing this, but also in reinforcing it through their great initiatives.
On her part, Commissioner for Women Affairs and focal person for Social Investment Program in Oyo State, Atinuke Osunkoyo spoke on how the programme has helped women in Oyo State. According to her “GEEP MarketMoni is helping women in Oyo State provide for themselves and family members, and the state government has been an inextricable partner to this Federal government scheme.”
Toyin Adeniji, the Executive Director of Financial Inclusion in Bank of Industry (BOl) revealed that the GEEP MarketMoni is a self-sustaining programme that has come to stay. According to her “we have given out loans to thousands of people across the country. Recently we were in Edo to interact with beneficiaries, and we are doing the same today in Oyo State with over 12,000 beneficiaries.”
Adeniji also said, “Between N10,000 to N100,000 is being disbursed specially for market women, traders, farmers, who are in the lower cadre of financial inclusion in the country. We have even commenced another scheme known as TraderMoni which is targeted at those in the far remote ebb of financial inclusion.”
GEEP MarketMoni loans are repayable in six months with five percent administrative charge. To ensure that the loan installments are paid on time and conveniently, collections begin from the third week after loans are received. Beneficiaries also enjoy a two-week grace period.
The beneficiaries at the clinic, drawn from 169 market associations, lauded the federal government for the initiative. Akindeinde Kehinde, a chalk dealer in Ibadan stated that “before I got the GEEP MarketMoni loan, I used to produce 20 cartons of chalk, using 1 bag of POP. But with the GEEP MarketMoni loan, I now produce 100 cartons of chalk, using 15 bags of POP cement.”
A wood dealer, Dotun Dare who said he did not have the sufficient money to start his wood trade, shared that “after collecting the GEEP MarketMoni loan, I now buy more than 40 pieces of wood for resale, and have even diversified into other businesses.”
GEEP-MarketMoni is executed by the Bank of Industry.