The Bank of Industry, through its MarketMoni program, is providing interest-free loans to microscale businesses. This funding package is part of the institution’s Government Enterprise and Empowerment Program (GEEP), initiated to provide financial aid to MSMEs and unbanked entrepreneurs.
MarketMoni solves a major drawback suffered by small businesses: access to quick, low-cost lines of credit. The scheme lets enterprises obtain loans of between ₦10,000 and ₦100,000, free of interest; they’ll only need to pay a one-time 5% administration cost, which can be repaid over a six month period, along with the initial interest.
This loan facility is targeted at traders, artisans, farmers and young entrepreneurs– the typical demographic for which the GEEP was conceived. Persons seeking financial aid for their business through MarketMoni may get a loan of ₦10,000, ₦20,000, ₦50,000 or ₦100,000.
What’s required to get the loan?
You’ll need to meet these criteria in order to qualify for the loan:
- Have a Bank Verification Number (BVN).
- Belong to an accredited market association or cooperative registered in your state or with the Corporate Affairs Commission (CAC).
- Your cooperative must be validated by the Bank of Industry (BOI).
- Have a business location verifiable by the BOI.
How to apply for the MarketMoni loan
Applications for the MarketMoni loan are made by cooperatives on behalf of their members. Such groups may do so by submitting their certificate of registration and other important information to the BOI.
Cooperatives can register for the loan online by downloading and filling the MOU document and Excel Sheet (the latter should be filled in with relevant information about the cooperative’s members). They can also visit any of the BOI’s offices or connect with a BOI focal person to assist them with the registration process.
When a cooperative is deemed to qualify for assessment, MarketMoni agents will be dispatched to meet with their members and evaluate their loan worthiness. If it’s established that they are fit in this regard, they’ll receive a loan offer through their mobile phones. Loans will be disbursed within a few days of this notification.
Loan repayment
Repayment is made relatively convenient by the fact that it can be done on a weekly basis for six months. So, if you’ve been granted a ₦20,000 loan with a 5% administrative fee, you’ll be able to repay the ₦21,000 (₦20,000+₦1,000 administrative fee) by paying ₦875 per week. There’s also a grace period of two weeks for each repayment batch.
If loan beneficiaries don’t find it convenient to take constant trips to their banks to make repayments, bank agents will visit their business locations on a regular basis to take an account deposit instead.
You can apply for another MarketMoni loan when you have repaid a previous one.
If you’re interested in learning more about the MarketMoni loan, you may send your inquiries via email to marketmoni[@]boi.ng, or get in touch with any of its affiliates listed here.
Click here to apply for the MarketMoni loan.
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