MarketMoni Loan Application Form & Requirements – Marketmoni Free Interest Loan

A  lot of people are ignorant of the MarketMoni Loan Application Form & Requirements. The MarketMoni is also known as the Government Enterprise and Empowerment Program (GEEP). It issues interest-free loans to market women and traders, artisans, youth and farmers. It one of the social intervention programs of the Federal Government of Nigeria, and is being executed by the Bank of Industry.

Beneficiaries receive loans ranging from N10,000 to N100,000 per applicant for as long as 6 months. MarketMoni attracts no interest except a one-time 5% administrative fee. So far over 24,000 beneficiaries have accessed MarketMoni. In essence, you will be charged only 5% administrative fee of whatever loan amount you apply for. That’s wonderful.

MarketMoni Loan Application Form & Requirements

Let’s show how it works.

How Marketmoni loan Application works

To be able to get the marketmoni free interest loan, here is what you must know.

  1. Confirm from your association, cooperative or trade group leadership that they are registered at the State or National (CAC) level.
  2. Get your association, cooperative or trade group to register for BOI accreditation on www.boi.ng/marketreg.
  3. Your association, cooperative or trade group should send an email to BOI at GEEP-States@boi.ng to confirm the completion of steps 1 and 2 above and include a copy of the group’s State/National registration certificate.
  4. BOI will engage with your association, cooperative or trade group to validate registration. MarketMoni agents will, thereafter, visit your group to register you for loan consideration.

Also See: Current Social Intervention programs In Nigeria & How To Participate

How To Apply For Marketmoni

To apply for Marketmoni, follow this guideline here. You will need to fill the marketmoni registration form.

  1. Log onto the application portal. (You will be taken to the Bank of Industry portal which is where the application is accepted.)
  2. You will fill the application form answering questions about your organization/cooperative.
  3. Afterwards, click on “Submit”.

MarketMoni Requirements

  1. You must belong to a registered and accredited market association, cooperative or trade group.
  2. You must have a valid BVN.
  3. Your market association, cooperative or trade group must nominate you for a loan and must be willing to stand in as your guarantor.
  4. Your market association, cooperative or trade group must be registered with BOI
  5. You must have a business location which will be verified by MarketMoni agents.

Also See: Federal Mortgage Bank of Nigeria National Housing Fund Registration, Eligibility & Funding

MarketMoni FAQs

1. What does MarketMoni offer?
  1. Loans from 10,000 to 100,000
  2. 5% administrative fee (No other charges)
  3. 6-month loan tenure
  4. Two-week grace period
  5. Daily Collections
2. Who can apply? Members of an accredited market association, cooperative or trade group who have valid BVNs and whose business locations can be verified
3. What if an association is not registered? Your association or cooperative must be registered at either the State or Federal (via CAC) level. Your association or cooperative must also be accredited independently by BOI.

4. Are Loans issued to associations or cooperatives? Members of an accredited market association, cooperative or trade group who have valid BVNs and whose business locations can be verified.
5. I cannot leave my business to go to the bank every day to deposit a payback; what can I do? Bank agents will come to the shop for a daily account deposit to make the process convenient to the customer.
6. Can I get access to more money when I pay back? Yes. You can apply for another MarketMoni loan (of even higher amount) as soon as you payback the first.
7. Can I apply for an extension on my payback? Unfortunately, not. The MarketMoni loan is designed for payback within the 6months to enable access for others. It is important that you apply for an amount you can repay comfortably over 6 months.
Any question on the MarketMoni Loan Application Form & Requirements? Use the comment box below.

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