FG MarketMoni Loan Application Guide
The MarketMoni is a program unprecedented in Nigeria’s recent history. The program grants interest-free credit facilities to existing microenterprises of market women and traders, enterprising youth, artisans, and agricultural workers.
The scheme is from the National Social Investment Office and the initiative is targeted at expanding the scope and scale of economic opportunity for the financially vulnerable of Nigerians. The Federal Government is executing MarketMoni through the Bank of Industry (BOI), a parastatal of the Federal Ministry of Industry, Trade and Investment.
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How MarketMoni Loan of Federal Government Really Works
Majority of loan applicants will be confused about this social intervention program by the Federal Government and will always ask is this real or fake but i strongly assure you the program is very real and many beneficiaries have testified to that.
More so, Lucky applicants will receive loans ranging from N10,000 to N100,000 per applicant for 6 months. The loan attracts no interest except a one-time 5% administrative fee that you will pay that’s all.
At the moment, over 24,000 Nigerians have benefited from MarketMoni.
The MarketMoni Loan by Federal Government has been exiting in thirteen (13) states in Nigeria, which are: Oyo, Ondo, Osun, Abuja, Akwa Ibom, Adamawa, Delta, Ekiti, Kwara, Kogi, Niger, Ogun and Lagos and was recently extended to plateau, Jigawa and Kebbi state.
Related: Major Business loan givers in Nigeria
MarketMoni Terms and Conditions involved
Every program has its own policies and MarketMoni has its own terms. So, before making any move to apply for MarketMoni loan, you need to know the terms that is involved, below is MarketMoni Terms and Conditions
- Loan Tenor: 6 Months
- Weekly repayment with a two week grace period
- Administrative Fee of 5% (No other charges)
MarketMoni: Requirements for MarketMoni Loan
- You must have a valid BVN (Bank Verification Number)
- You must belong to a registered and accredited market association, cooperative group or trade group
- Your market association, cooperative or trade group must nominate you for the loan and must be willing to stand in as your guarantor before you apply
- TO get MarketMoni loan, Your market association, cooperative or trade group must be registered with BOI (Bank of Industry)
- You must have a physical business location which will be verified by MarketMoni agents before you can successfully be given the loan.
Related: How to get Business loan without collateral in Nigeria
How to Apply for MarketMoni Loan of Federal Government
- Kindly visit the MarketMoni loan application webpage at via apply.marketmoni.com.ng
- Now, download the MOU Template (one per co-operative)
- Download the Excel Sheet (one per co-operative) so you can provide your members’ details
- Fill the MOU template and Excel sheet carefully with the right information
- Come back to the page webpage above and submit your MOU and Excel sheet.
Market Moni Agents In Nigeria
You can view the list of market money agents per state in Nigeria at : http://marketmoni.com.ng/agent-network/
Micro, Small and Medium businesses are the bedrock of the Nigerian economy.
The facts are clear: Nigerian has over 77 million MSMEs today, employing over 60 million of our people and contributing about 85% of our total labor force in the country. In its resolve to support and accelerate economic activity of MSMEs, the Federal Government has established MarketMoni.
MarketMoni, also known as the Government Enterprise and Empowerment Program (GEEP), issues interest-free loans to market women and traders, artisans, youth and farmers. It one of the social intervention programs of the Federal Government, and is being executed by the Bank of Industry. MarketMoni has kicked of disbursements to its early set of beneficiaries is expanding across the country.
And the testimonies are rolling in from beneficiaries all over the country!
The Federal Government believes in the inherent capacity of every Nigerian; young or old, literate or illiterate to contribute immensely to the country’s economy. And so, the Federal Government is focused on economic empowerment of its people.
The Federal Government identifies with Nigerians working hard to keep their businesses afloat, and will continue to expand economic opportunity for every-day Nigerians.
Good luck and best wishes and you apply for MarketMoni loan of Federal Government.
Best of Luck.
