Market Moni registration Portal 2022/2023 boi.ng/trader moni|how to APPLY today
MarketMoni is a subsidiary of the Government Enterprise and Empowerment Programme (GEEP), created to provide financial aid for the low income earners in Nigeria. There are three (3) subsidiaries of the GEEP initiative, which include;
Out of these three subsidiaries, this article will be telling you all you need to know about the MarketMoni programme. The MarketMoni programme issues interest free loans to market women.
These set of people get to receive loans ranging from N10,000 to N100,000 without paying back any interest on it. This programme is being executed and fulfilled by the Bank Of Industry (BOI).
MarketMoni has begun disbursement of loans to its early set of beneficiaries all over the country. All 36 states have been touched and many more beneficiaries are still counting. So far, over 30,000 beneficiaries have accessed MarketMoni loans.
Micro, Small and Medium Scale businesses are the bedrock of the Nigerian Economy. Nigeria had over 80,000 MSMEs today, employing over 60 million of our people and contributing about 85% of our total labour force in the country. The Federal Government introduced the Market Moni programme to support the Economic activity of the MSMEs in the country.
The objective of the Market Moni programme is aimed at providing easy and quick loans,at no interest rate besides a 5% administrative fee. The 5% fee will be deducted from your initial loaned capital and you will have to repay the loan in full.
Note that, the administrative fee is a one time payment, so you will not be told to pay it again for the second loan. Let’s take a practical example here. If you borrow N10,000 for the first time, N500 (5%) will be deducted and a total of N9,500 will be handed over to you. When it’s time to pay back the loan, you must pay N10,000 in full or in installments spread across six months or less.
Eligibility to apply for the Market Moni Loan
Take note of this if you are interested in partaking in the Market Moni Loan Programme. You will only be considered for the loan, if you meet up with all the requirements listed here. To partake in the Market Moni Loan initiative;
- Applicant must be a Nigerian. This is the first and utmost requirement. If you are not one, do not bother proceeding.
- He or she must have a valid means of identification. This will act as an evidenced for the preceding requirement.
- He or she must have a Bank Verification Number. This will ensure that no applicant receives this benefit multiple times.
- Applicant must belong to an accredited Market Association or Cooperative registered in his or her state or CAC.
- Applicant must have a mobile phone and a registered phone number.
These are basically all the requirements needed to apply for the Market Moni initiative. Every market man/woman who wishes to apply should have all these before proceeding.
If you have gotten that, then the next step is how to apply. This one is very easy and simple.
How to apply for Market Moni
Like I said earlier, application for the Market Moni programme is very simple. Only that you will need the help of third parties. This is because you can’t complete the application on your own. Let’s see how to go about it.
- First of all, you as the applicant must be a market woman belonging to an accredited market Association or Cooperative in your state of with the CAC.
- Next, you as the applicant must have a Bank Verification Number. We mentioned this while talking about eligibility.
- Then, your association or Cooperative must indicate its interest in Market Moni by submitting its information to BOI, including its certificate of registration.
- To begin your registration, there are four channels you can follow. You can either visit the BOI website at www.boi.ng/marketreg, call 0700-225-5264, visit any BOI office in your state of residence, or go through your assigned state local person to register your cooperative interest in Market Moni.
- If your association or cooperative qualifies, a Market Moni agent will be sent to your group promptly to capture your details for loan assessment.
- Qualified registrants to Market Moni will receive an electronic loan offer on their mobile device after which they will receive loan disbursement in a matter of days.
Frequently Asked Questions (FAQs)
How much is the MarketMoni Loan application form?
This initiative is free to register for. The government understand the plight of the masses and proffered solution by making this offer available to them.
The only point where you will pay is the 5% administrative charge, and that will even be deducted from your initial loan and not directly.
When will the MarketMoni Loan Programme end?
This programme does not have a closing date. The Registration and allocation of funds continues every day. So, do not worry about the ending of closing date.