GEEP – BOI MarketMoni Loan Program

The GEEP (Government Enterprise and Empowerment Programme) was set up by the FG to create financial empowerment for Co-operative societies, traders and Artisans within the country. The project was flagged off by the FG with a mind-blowing amount of N140billion.
This funds will be disbursed through BOI(Bank Of Industry) a financial institution saddled with the responsibility of managing the funds for on-lending.

QUALIFICATION CRITERIA

Association Qualification Criteria
  • Registration with any applicable state government authority
    The market association must be registered with either CAC or State or Local Governments.
  • Submission of duly filled loan guarantor form with association executive passports, BVN, etc.
  • The market executive must fill the MOU agreement  between their association and BOI ,it must be signed by a notary or magistrate, and a copy returned to BOI for filing
  • Minimum of 10 association members
    The association is expected  to have a minimum of 10 members to qualify for GEEP loan.
  • Members must be traders or artisans.

Beneficiary Loan Qualification Criteria

  • Must be a member of an accredited market association
  • Association executive must give consent and indicate maximum loan amount
  • Must have BVN linked to account to be disbursed to
  • Must be either a trader or artisan
  • Must be Nigerian

Sub-aggregator role

  • Market association onboarding
  • Beneficiary loan origination
  • Loan monitoring and recover

Association on-boarding process

  • Association sensitization
  • Meeting the different associations.
  • Registration confirmation
    Confirm  the registration of the market association with the agencies
  • Loan MOU delivery and collection
    Deliver and Sign the MOU agreement with association executives and send  the hard copy to AppZone for BOI filing.
  • Association setup on Riby
CONSEQUENCES OF LOAN DEFAULT

 Consequence of loan default to association executives

  • Possible black listing
    The market executives will be blacklisted  and names published on the BOI Hall of Shame
  • Exclusion from all other FG social programs in the future

Consequence of loan default to beneficiaries

  • Possible black listing
    The members will be blacklisted and names published on the BOI Hall of Shame
  • Exclusion from all other FG social programs in the future
  • The member will be deprived to access any form of government scheme.
  • Disqualification from subsequent GEEP loans
  • The members will NEVER access any  GEEP loans again.
  • Negative impact on credit worthiness, tied to BVN, forever
  • Each members information is tied to their BVN.

Background Of Partners

  • Afribnet Global Services Ltd, is an aggregator saddled with the responsibility of aggregating loan subscribers, registering, enumerating, followup and loan recovery processes. We work with Inexhaustible Ocean Multipurpose Cooperative as well as with Sterling Bank and a network of Agents and Sub agents to register subscribers and process the loan requests for onward transmission to BOI. We work with subscribers to ensure they are adequately guided until they access the loan facility and also work with them until full repayment.
    We organise sensitisation, registration and enumeration programs in communities, LGAs, Markets, Churches, Organisations etc on the GEEP BOI MArket Moni Loan Program.
  • Sterling Bank is a licensed deposit money bank by CBN working in partnership with BOI to extend financial services to customers in the informal sector.
  • BOI MarketMoni is a loan product offering, that is set-up on BankOne, this product and service offering is meant to extend loan facilities to customers at the cheapest rate possible.
  • VGG(Venture Garden Group) is the Project Manager of the GEEP programme, and the provider of the RIBY platform meant for market association enumeration.
  • D2RS Group is a company providing consultancy service in the area of Informal Sector financing. They also wrote the product paper on MarketMoni, which was submitted to the office of the presidency.
  • CreditClub, a division under AppZone limited saddled with the responsibility of agency banking partnering with Financial institutions(FI),Agent Network Manager(ANMs) and 3 party super–agents.

Click Here to Register/Apply For Loan Now (Individual Registration)

Click Here to Register/Apply as an Organization/Cooperative/Trade Group

Contact us today on 08037245018
Email: info@afribnet.com
Or
Bank Of Industry on 01-2715031
Email: marketmoni@boi.ng
Website: http://www.boi.ng/