What is MarketMoni?
MarketMoni is a Government Enterprise and Empowerment Programme (GEEP). The purpose of the programme is to provide financial aid for the under-banked and unbanked. The Federal Government is executing MarketMoni through the Bank of Industry (BOI). The objective of this initiative is to provide quick and easy loans to traders, market women, artisans, agricultural workers, and youths. The interest rate is low – one-time five percent (5%) administrative fee. This is different from the 200 billion Naira loan project by the CBN.
What does MarketMoni offer?
- MarketMoni Empowerment Programme offers loans ranging from N10, 000 to N100, 000 to qualified applicants.
- A one-time 5% administrative fee (No other charges).
- 6-month loan tenure
- Two-week grace period
- Daily Collections
What you need to know to access a MarketMoni loan
- BVN- Bank Verification Number (BVN) is a major requirement to get a MarketMoni loan. In a case where you don’t have a BVN, you’ll have to obtain a BVN at any bank. You would not be required to open a bank account to obtain your BVN.
- You must belong to an accredited market association or cooperative registered with the CAC or in your state.
- Your market association or cooperative have to indicate its interest in MarketMoni. This is done by submitting its information to the Bank of Industry (BOI) including its certificate of registration. You can call 0700-CALL-BOI (that is 0700-225-5264), visit boi.ng/marketreg. You can also visit any BOI office in the country or go through your assigned State Focal Person to register your cooperative’s interest in MarketMoni.
- If your association or cooperative qualifies, a MarketMoni agent would be sent to your group right away to capture your members for loan assessment.
- Qualified registrants to MarketMoni will get an electronic loan offer on their mobile devices after which they will receive loan disbursement in a matter of days!
What are the loan payback terms?
- You don’t have to worry about leaving your shop to make your loan payback deposit in the bank because Bank agents will come to your shop for a daily account deposit so as to make the process of loan payback convenient for you (the customer).
- The MarketMoni Empowerment Programme designed for payback within 6months to enable others to be able to access the loan. You have to ensure you apply for an amount you can comfortably repay over the 6 months duration because you won’t be able to apply for an extension on your payback.
- You can apply for another MarketMoni loan (same or higher amount) as soon as you pay back the previous loan.
Who can apply?
- Members of an accredited market association, trade group or cooperative who have valid (BVNs) and whose business locations can be verified.
- Your market association or cooperative must be registered at either the State or Federal (via CAC) level. Your association or cooperative must also be accredited independently by the Bank of Industry (BOI).