Oyo boosts trade with GEEP MarketMoni loans
Over 12,000 beneficiaries from Oyo State are now counting their gains from the Government Enterprise and Empowerment Programme (GEEP) MarketMoni interest-free loans.
The Federal Government revealed this today at the state’s Micro, Small and Medium-Scale Enterprise (MSME) Clinic, where the Vice-President Prof Yemi Osinbajo interacted with over 2,500 of the beneficiaries in the ancient city of Ibadan.
Speaking at the event, the Vice President stated that “the president has directed the expansion of the GEEP MarketMoni loan to accommodate the least traders.” According to him, it is “the hope of Mr President to broaden opportunities to every Nigerian by providing such loans such as the MarketMoni loans, TraderMoni, and the latest being the FarmerMoni to accommodate even the least trader.”
He added that the loan is meant for every Nigerian who is willing to work, earn a living and at the same be a partner in the ongoing efforts at resuscitating the economy
Also speaking, Oyo State governor, Abiola Ajimobi said the importance of MSMEs to the economy and lauded the Federal Government for its outstanding initiatives geared at bolstering the economy by empowering MSMEs. He stated that “small business is where prosperity begins because it is the live-wire of the economy.”
He said the Federal Government must be commended not only for realising this, but also in reinforcing it through their great initiatives.
The Executive Director, Financial Inclusio , Bank of Industry (Bol), Toyin Adeniji, said GEEP MarketMoni is a self-sustaining programme that has come to stay. “We have given out loans to thousands of people across the country. Recently we were in Edo to interact with beneficiaries, and we are doing the same today in Oyo State with over 12,000 beneficiaries.
Between N10,000 to N100,000 is being disbursed specially for market women, traders, farmers, who are in the lower cadre of financial inclusion in the country. We have even commenced another scheme known as TraderMoni which is targeted at those in the far remote ebb of financial inclusion,” Adeniji said.
GEEP MarketMoni loans are repayable in six months with five per cent administrative charge. To ensure that the loan instalments are paid on time and conveniently, collections begin from the third week after loans are received.