MarketMoni Loan Application, the steps on how to register and apply for marketMoni loan together with GEEP initiative program are what we will be covering in this chapter.
Market Moni referred to as the Government Enterprise and Empowerment Program (GEEP) is a loan from the Nigerian Government to help with your trade or small business.
MarketMoni is intended for medium scale entrepreneurs consisting of market women, artisans, youth, and market associations.
The Federal Government is implementing MarketMoni using the Bank of Industry (BOI), a parastatal of the Federal Ministry of Industry, Trade and investment.
MarketMoni Loan Application Objective
Its objective is to provide loans to market people and traders, artisans, enterprising youths, and small scale farmers nationwide.
MarketMoni offers free Interest loans from 10,000 to 100,000 without collateral plus a 5% administrative fee which is a one-time-payment (No other charges).
It has already started payment to its early beneficiaries and it is growing to every nook and cranny of the country.
MarketMoni Loan Application Terms and Conditions
Beneficiaries get loans going from N10, 000 to N100, 000 per applicant for as long as 6 months.
Weekly repayment with a two week grace period
MarketMoni provides loans to traders with no interest except its 5% administrative fee.
Thus far, many beneficiaries are granted MarketMoni and testimonies are being given by them.
Eligibility for MarketMoni Loan
- Firstly, you must have a valid BVN
- Secondly, you must belong to a registered and accredited market association, cooperative or trade group
- Thirdly, your market association, cooperative or trade group must recommend you for a loan and must be willing to stand in as your guarantor
- Then, your market association, cooperative or trade group must be registered with BOI
- You must have a business location that will be verified by MarketMoni agents.
- If your association or cooperative succeeds, a MarketMoni agent would be sent to your group immediately to capture your members for loan assessment.
- Successful registrants to MarketMoni will receive an electronic loan deal on your mobile device after which you receive loan disbursement in a matter of days.
The Requirement for MarketMoni Loan Application
- Your association or cooperative must be registered at either the State or Federal (via CAC) level.
- Your association or cooperative need also be accredited individually by BOI.
- The MarketMoni loan is planned for payback within 6 months.
- You must apply for an amount you can repay easily over 6 months.
- BVN is a prerequisite to get a MarketMoni loan. You may obtain a BVN at any bank if you do not have a BVN.
- It’s possible to apply for another MarketMoni loan (or an even higher amount) once you payback the first.
How to Apply for MarketMoni Loan Application
With a valid BVN number from a recognized bank in Nigeria, follow the steps below to apply
- Apply via http://apply.marketmoni.com.ng/
- Download the MOU Template (one per co-operative)
- Then, download the Excel Sheet (one per co-operative) to provide your members’ details
- After that, fill the MOU template and Excel sheet carefully with the right information
- Finally, come back to this page and submit your MOU and Excel sheet
MarketMoni Loan Application Agents in Nigeria
You can look at the list of market money agents per state in Nigeria at: http://marketmoni.com.ng/agent-network/
List of Nigerian States and Capitals Where FG MarketMoni Loan Application Will Come Across
|Akwa Ibom State||Uyo|
|Cross River State||Calabar|
|Edo State||Benin City|
|Federal Capital Territory||Abuja|
|Kebbi State||Birnin Kebbi|
|Rivers State||Port Harcourt|