MarketMoni

MarketMoni (also known as Government Enterprise and Empowerment Program or GEEP) is an enterprise and empowerment programme of the Federal Republic of Nigeria that provides financial aid to micro-businesses that otherwise lack access to mainstream financial services and products in Nigeria.[1][2] MarketMoni is part of the Government Enterprise and Empowerment Programme (GEEP), one of the Social Investment Programmes (SIPs) of the Nigerian Government. MarketMoni provides loans to traders with no interest except its 5% administrative fee.[3][4][5]

MarketMoni
Agency overview
FormedMay 2016
JurisdictionGovernment of Nigeria
HeadquartersLagos, Nigeria

History

MarketMoni founded in May 2016 is a social intervention programme for traders in Nigeria. The GEEP programme was flagged off with N140billion ($387million) and is currently available in over 36 states in Nigeria.[6][7][8][9] MarketMoni is designed for medium scale entrepreneurs consisting of market women, artisans, and youth/market associations. A Bank Verification Number (BVN) is required to receive loans which are deposited in beneficiaries’ bank accounts.[10] Loans and capitals are provided to traders between the amount of N10,000 ($28) to N300,000 ($830) depending on the scale of business.[11] The MarketMoni programme is funded by the Nigerian Federal Government, supervised and implemented by the Bank of Industry overseen by its Executive Director Toyin Adeniji and uses Zenera consulting as its communications and branding consultants.[12] In 2018, MarketMoni announced that it had received over 350,000 beneficiaries since inception.[13]

On 4 May 2019 Vice President of Nigeria Yemi Osinbajo launched the second phase of the MarketMoni programme in Anambra State.[14][15]

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References
  1. Published. "Petty Traders in South West Laud TraderMoni". Punch Newspapers. Retrieved 2019-07-23.
  2. Staff, Daily Post (2019-06-25). "Uzoma Nwagba: The 31-year-old driving TraderMoni, MarketMoni, FarmerMoni". Daily Post Nigeria. Retrieved 2019-07-23.
  3. "Why Tradermoni matters". Vanguard News. 2018-10-01. Retrieved 2019-07-23.
  4. "Veteran singer, Felix King, touches widows with 'Market Moni'". The Nation Newspaper. 2019-07-19. Retrieved 2019-07-23.
  5. "We will expand N-Power, TraderMoni, MarketMoni, others - Osinbajo". Vanguard News. 2019-03-29. Retrieved 2019-07-23.
  6. "BoI, Diamond Bank set for disbursement of N140bn GEEP Fund". Vanguard News. 2017-03-09. Retrieved 2019-07-23.
  7. "BoI begins N140b scheme". The Nation Newspaper. 2016-06-13. Retrieved 2019-07-23.
  8. "GEEP – BOI MarketMoni Loan Program – AFRIBNET GLOBAL". afribnet.com. Retrieved 2019-07-23.
  9. "GEEP MarketMoni interest-free loans reaches 350,000 beneficiaries nationwide". Vanguard News. 2018-05-24. Retrieved 2019-07-23.
  10. "Who is Behind the MarketMoni & TraderMoni Scheme?". Hotjobsng. 2019-09-16. Retrieved 2019-10-20.
  11. "Vice President, Yemi Osinbajo Launches Phase Two of TraderMoni and MarketMoni in Anambra". guardian.ng. Retrieved 2019-07-23.
  12. "FG lunches second phase of TraderMoni, MarketMoni in Anambra". Tribune Online. 2019-05-03. Retrieved 2019-07-23.
  13. Published. "350,000 SMEs get GEEP MarketMoni loans". Punch Newspapers. Retrieved 2019-07-23.
  14. "Osinbajo unveils second phase of TraderMoni in Anambra". The Guardian Nigeria News - Nigeria and World News. 2019-05-08. Retrieved 2019-07-23.
  15. "Osinbajo Launches Phase Two of Trader Moni, MarketMoni in Anambra". Businessday NG. 2019-05-07. Retrieved 2019-07-23.
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