So, you’ve heard about the federal government’s Market Moni Scheme and wants to know more about it? This is the post for you.
I will show you what requirements you must have, the registration portal, and more.
Let’s get started..
What is Market Moni?
Market Moni is a pivotal component of the Government Enterprise and Empowerment Programme (GEEP), aimed at fostering economic inclusivity across Nigeria.
This initiative extends financial support, primarily in the form of easily accessible, fast, and interest-free loans, with a nominal administrative fee of 5%.
Administered by the Bank of Industry, Market Moni stands as a beacon for individuals with low-income status, providing a vital boost to their financial capabilities.
Market Moni Requirements
Market Moni Scheme isn’t limited by stringent criteria; rather, it opens its doors to a diverse array of individuals, embracing petty traders, craftsmen, farmers engaged in small to medium-scale agriculture, and the youth.
Access to Market Moni is contingent upon membership in accredited cooperatives or market associations, offering an avenue for various business owners such as market women, foodstuff sellers, fruit vendors, and young entrepreneurs.
Application Process
Applying for a Market Moni loan is a straightforward process, requiring minimal documentation. Prospective applicants need their Bank Verification Number, proof of membership in a cooperative or association, and a designated business location.
Additionally, the cooperative or association can act as a guarantor, enhancing the chances of securing the loan.
The application process, facilitated by the Bank of Industry, can be initiated through their website, or in-person visits to their numerous branches spread across the country.
You can apply on the Market Moni application Portal
Conclusion
Market Moni emerges as a lifeline for small-scale business owners, amplifying their resilience and capacity to thrive in a competitive market landscape.
The essence of the GEEP resonates through initiatives like Market Moni, empowering businesses across Nigeria and paving the way for sustained economic growth.
Through this comprehensive overview, it becomes evident that Market Moni transcends being merely a financial assistance program; it represents a catalyst for economic empowerment, fostering a more inclusive and resilient economic landscape in Nigeria.
