- FG to Expand GEEP MarketMoni Loan Scheme
Vice President Yemi Osinbajo, says President Muhammadu Buhari has given the directive for the expansion of the Government Enterprise and Empowerment Programme MarketMoni loan to accommodate the least traders.
Osinbajo, according to a statement, revealed this while speaking at the Micro, Small and Medium-scale Enterprise Clinic in Oyo State on Wednesday.
According to him, it is the wish of the President to broaden opportunities to every Nigerian by providing loans such as the MarketMoni loans, TraderMoni, and the FarmerMoni to accommodate even the least trader.
He stated that over 12,000 beneficiaries from Oyo State were now counting their gains from the GEEP MarketMoni interest-free loans.
Osinbajo said the loan was meant for every Nigerian willing to work, earn a living and be a partner in the ongoing efforts at resuscitating the economy.
The Oyo State Governor, Abiola Ajimobi, highlighted the importance of the MSMEs to the economy, and lauded the Federal Government for its “outstanding initiatives geared at bolstering the economy by empowering MSMEs.”
“Small business is where prosperity begins because it is the life wire of the economy. The Federal Government must be commended not only for realising this, but also in reinforcing it through their great initiatives,” he said.
The Executive Director, Financial Inclusion, Bank of Industry, Toyin Adeniji, described the GEEP programme as a self-sustaining programme that had come to stay.
She said loans had been given to thousands of people across the country, with about N10,000 to N100,000 disbursed specially for market women, traders, and farmers who were in the lower cadre of financial inclusion in the country.
Adeniji said, “We have even commenced another scheme known as TraderMoni, which is targeted at those in the far remote ebb of financial inclusion. GEEP MarketMoni loans are repayable in six months with five per cent administrative charge.”