We have seen quite a bit of misinformation of the loan products under the Government Enterprise and Empowerment Programme (GEEP), a scheme under the (NSIP). Some don't seem to know the difference between Marketmoni, Tradermoni and Farmermoni and we thought it is very important to clarify the distinction between them for better understanding.
There are 5 National Social Investment Programme (NSIP) of the Nigeria government. Marketmoni, Tradermoni and Farmermoni are under (GEEP).
Below are 3 distinct loan products under the Government Enterprise and Empowerment Programme(GEEP) scheme under the (NSIP):
1. MarketMoni is a microcredit social intervention scheme of the Federal Government of Nigeria and is being executed by the Bank of Industry (BOI). For Market Moni loans start at 50k
2. TraderMoni is a Federal Government empowerment scheme to help alleviate poverty in Nigeria by empowering traders and artisans. For Trader Moni loans start at 10k.
3. FarmerMoni: For Farmer Moni loans start at 300k
The scheme is to provide 1.66 million micro-lending for businesses at the bottom of the financial pyramid-traders, women cooperatives and market women; enterprising youth, farmers and agric workers, no collateral or interest element.