GEEP… a social intervention programme to stimulate bottom of the pyramid with credit
Abuja, February 8, 2017
The Federal Government of Nigeria has commenced disbursement of interest-free loans to the latest accredited beneficiaries of MarketMoni – the Government Enterprise and Empowerment Programme (GEEP) targeting market women and traders, artisans, youth and farmers. MarketMoni is one of four schemes under the social intervention programme of the Federal Government, and is being executed by the Bank of Industry (BOI).
As part of the efforts of the President Muhammadu Buhari administration to stimulate the Nigerian economy and deepen financial inclusion for the under-banked and unbanked, over 24,000 Nigerians – including market women and traders, artisans, and youth – have so far benefited from the special intervention programme since its roll-out in December, 2016.
The Office of the Vice-President revealed that the Federal Government has commenced disbursements in thirteen (13) states and the Federal Capital Territory, through the Bank of Industry (BOI), and will be expanding across all states over the next two months. The areas of current disbursement include Abuja, Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Ogun, Ondo, Osun, Oyo and Rivers.
At an Abuja stakeholder discussion on the scheme, BOI Acting Managing Director, Mr. Waheed Olagunju, reiterated that MarketMoni was a demonstration of the government’s resolve to accelerate development of Nigeria’s microenterprises. He urged beneficiaries to be judicious in the use of the funds and to pay back, as it enables the programme to remain sustainable and expand its reach to millions of Nigerians and stimulate economic activity at the base of the pyramid.
According to Olagunju: “This Federal Government programme aligns with BOI’s goal of inclusive growth and expanding economic opportunity. Access to affordable funds is a primary challenge of micro, small and medium enterprises. MarketMoni is a direct response to this challenge – granting loans at unprecedented rates that cannot be accessed anywhere else. The government identifies with Nigerians working hard to keep their businesses afloat, and will continue to extend its assistance through initiatives of this nature.”
MarketMoni seeks to expand access to credit for 1.6 million microenterprises annually, with over 50% targeted at women-owned enterprises. Further describing the programme, BOI’s Executive Director, Microenterprises, Ms. Toyin Adeniji said: “Not only does access to affordable finance enable people grow their economic opportunity; it also breaks poverty barriers and pushes the frontiers of inclusive growth and financial advancement. The target ₦140-billion programme seeks to deliver this. We are working round the clock to scale the programme, and we are happy with the progress we have made so far.”
The ‘no-interest’ microcredit loan scheme targets beneficiaries through their accredited market associations and cooperatives. Beneficiaries are required to have Bank Verification Numbers (BVNs), and can receive loans between N10,000 to N100,000 repayable over 6 months with a one-time 5% administrative fee to contribute to delivery costs.
Although over 24,000 people have benefited from the loans, MarketMoni has received entries from market associations worth over one million potential beneficiaries across the country, seeking to be vetted and accredited for the programme and expecting to benefit this year. A combined number of 8,436 market associations and cooperatives nationwide have registered for this scheme through the MarketMoni web portal (www.boi.ng/market) and paper application forms.
Here’s what MarketMoni beneficiaries are saying:
“GEEP MarketMoni loan has helped me to grow my business. I sell yams in Yola Town Market. I used to buy yams in pieces to sell, but since I got the loan, I now buy in bulk of more than 200 tubers from the villages and resell in retail and wholesale. I now have three people workig for me. I thank the Federal Government and Bank of Industry for this opportunity.”
Mrs Hafsatu Ahmadu
Association of Commodity Market Women and Men of Nigeria, Adamawa State Chapter
“Government, thank you o. This MarketMoni loan don betta my life well well, now my market don increase.”
Mr Princewell Amadi
Great Foundation MPCS, Port Harcourt, Rivers State
“This MarketMoni loan came at the right time during the peak period of my business. During the last Christmas season, I expanded my provision store, increased my customers and made more profit. Thank you o!”
Quintessential Business Women Association, Abuja
“This GEEP MarketMoni loan is real. I am a market woman in Oshogbo, Osun State. I applied for GEEP MarketMoni loan and I got disbursement within 24 hours, after my BVN was validated and my association vetted. I am so happy as I used the money to buy more goods and made more profit during the festive season.”
Oshogbo Oroki Women Cooperative, Osun Stat