Over 350,000 benefits from GEEP MarketMoni’s interest-free loan scheme

Over 350,000 benefits from GEEP MarketMoni’s interest-free loan scheme

The Federal Government Enterprise and Empowerment Programme (GEEP) MarketMoni interest-free loan scheme has now successfully reached over 350,000 beneficiaries in all 36 states of Nigeria, and the Federal Capital City, as at May 2018. The loans range between N10,000 and N100,000 for owners of microenterprises.

GEEP MarketMoni is a Social Intervention Programme (SIP) of the Federal Government of Nigeria, executed by the Bank of Industry (BOI), a parastatal of the Federal Ministry of Industry, Trade and Investment. It commenced in December 2016. So far, BOI has recorded thousands of beneficiaries, working through a network of over 5,000 agents, in all states of the federation.

GEEP MarketMoni directly impacts traders, market women, artisans, and farmers nationwide. Beneficiaries typically belong to an accredited market association or cooperative group registered with their state’s Corporate Affairs Commission. They are required to own a bank account, a bank verification number and a mobile phone. The loan, which only attracts a five per cent one-time administrative charge, is repayable within a period of six months, with two weeks grace period.

GEEP MarketMoni is the most ambitious microcredit scheme in the history of Nigeria, and the largest in Africa.