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NEW “MARKET MONI” EMPOWERMENT SCHEME FOR SMEs

THE NEW  ” MARKET MONI ”  EMPOWERMENT SCHEME FOR SMES IN NIGERIA.

The importance of Small and Medium Enterprises (“SMEs”) cannot be undermined in the economic growth and sustainability of any developing nation. Financial constraints and lack of access to credit facilities are major challenges affecting the growth and development of SMEs in Nigeria.

Consequently, Market Moni was established by the Federal Government of Nigeria under the Government Enterprise and Empowerment Programme (“GEEP”) as a social intervention programme created to provide financial aid to SMEs.

The objective of Market Moni is to assist SMEs with easy and quick loans at no interest rate besides a one-time 5% administrative fee. The loans are accessible to market women and traders, artisans, enterprising youths, small scale farmers and agricultural workers nationwide.

The Bank of Industry (BOI) is in charge of executing the Market Moni initiative and these are the key elements to note:

  • Loan AmountN10,000.00 (Ten Thousand Naira only) – N100,000.00 (One Hundred Thousand Naira only)
  • Repayment Terms6 (six) months period at no interest rate, save for a 5% Administrative Charge which can be spread over the loan period.
  • Moratorium Period2 (two) weeks moratorium period. Weekly repayments start on the third week of the commencement of the loan.
  • Eligibility:                         

a) The applicant must belong to a registered and accredited market association cooperative or trade group.

b) The applicant must possess a valid Bank Verification Number (“BVN”).

c) The applicant’s market association cooperative or trade group must nominate him or her for the loan and stand as a guarantor for same.

d) The market association cooperative or trade group must be registered with the Bank of Industry (“BOI”).

e) The applicant must have a business location which will be verified by Market Moni agents.

PLEASE NOTE: The content of this publication is for the general information of the public alone and shall not be interpreted as legal advice. Any queries on the subject may be directed to [email protected]

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