7000 benefits from marketmoni loans in Ogun

Micro credit disbursement by the Bank of Industry (BOI) under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP) in Ogun State has hit over N450 million.    According to the Development Finance Institution (DFI), over 7000 beneficiaries across 130 associations have so far accessed the marketmoni loans ‎in the State.    The Governor, Ogun […]

Micro credit disbursement by the Bank of Industry (BOI) under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP) in Ogun State has hit over N450 million.

   According to the Development Finance Institution (DFI), over 7000 beneficiaries across 130 associations have so far accessed the marketmoni loans ‎in the State.

   The Governor, Ogun State, Ibikunle Amosun, during BoI’s presentation of loan certificates to beneficiaries under GEEP in Ogun State tagged “Marketmoni alert train don land”, said Micro Small and Medium Enterprises (MSMEs) are major catalyst for economic growth and development of big industries in itself, but stressed that MSMEs in the country have not been able to reach their potentials due to lack of access to funds.

“Marketmoni is targeted to several millions of Nigerians, therefore only our positive attitude will make it work. Let us take the advantage of this affordable finance ‎to grow our business, to break poverty barriers and push the frontiers of inclusive growth and financial advancement,” he said.

Earlier, the Managing Director, BOI, Olukayode Pitan, said the objective of the event was to share with association and cooperative leaders the benefits and how to access the loans.

  The BOI boss who was represented by the bank’s Executive Director, Micro Enterprise, Mrs. Toyin Adeniji, said ‎,” we will also be issuing credit alerts and loan certificates to members of cooperatives who have successfully met the eligibility criteria for the Marketmoni loans.” 

She said according to statistics, over 80 per cent of micro enterprises lack access to affordable credit which she said is a major barrier to business growth, adding that even when loans are available, they come at very high cost to the borrower.

“ The GEEP provides non-interest rates loans up to N100,000 and N50,000 to first timers to qualified in 4 target segments which include market women, traders, artisans and farmers,” she said.