One of the objectives of the Federal Government is economic inclusion. This is based on the belief that every Nigerian, regardless of occupation or status, can contribute to the nation's economy. Government Enterprise and Empowerment Programme, which implements schemes such as Trader Moni and Market Moni, is one method that the Federal Government expresses this belief.

In this article, we will discuss the essentials of Market Moni.

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What is Market Moni?

Market Moni is an additional Enterprise and Empowerment Programme (GEEP) initiative. This program was designed to provide financial assistance to low-income individuals. Through the provision of readily accessible, quick, and interest-free loans, financial aid is provided. There is only a five percent (5%) administrative fee applied. The Bank of Industry carries out the program.

How does Market Moni work?

It provides zero-interest loans to market women and traders, artisans, juveniles, and those engaged in small- to medium-scale agriculture in Nigeria. It is a Federal Government social intervention program designed to assist certain segments of the Nigerian populace in meeting their basic needs.

Who can get a loan from Market Moni?

Market Moni loans are available to anyone in Nigeria who is a petty trader, craftsman, or farmer, and who is a member of an accredited cooperative or market association. It is open to all small business proprietors, including market women, food vendors, fruit vendors, farmers, and young entrepreneurs.

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How much can you get from Market Moni loans?

Similar to Trader Moni, the amount offered for these loans varies across various levels. Loan recipients are eligible to receive between N10,000 and N100,000 per beneficiary, depending on the type of business. There is no interest levied on these loans; however, there is a one-time, 5% administrative fee. Beneficiaries are entitled for larger loan amounts upon timely repayment of their initial loans.

How long do I have to pay back the loans?

The repayment period for these debts is six months. A two-week grace period is also provided to ensure repayment. Once the loan has been repaid, the recipient becomes eligible to request a larger loan. Read the following market entry strategies and solutions to learn how to enter new markets.

How do I get a Market Moni loan?

Obtaining a market Moni loan is straightforward; the only requirements are as follows:

1.Your Bank Authentication Code
2.Membership documentation for a cooperative or association
3.Your company must have a physical location.

4.Your cooperative can stand as a guarantor in your loan application.

As Market Moni is a cooperative loan, your cooperative or association must express interest in Market Moni in order to apply. The Bank of Industry is in charge of loan processing, so all applications must go through them. You can submit an application through the Bank of Industry's website at www.boi.ng/marketreg or by calling 0700-CALL-BOI. You can also visit any Bank of Industry office branch, which are located nationwide.

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Conclusion

Market Moni offers financial assistance to small business proprietors who require assistance to maintain their operations. If your business lies within this category, you and your cooperative should consider registering and applying for loans through the GEEP.