After the launch of the IYALOJA Market-Moni 2.0, an expanded version of the Government Enterprise and Empowerment Programme (GEEP), which aims to provide interest-free loans of N50,000 to 1.5 million recipients across the country, many people have been asking how to apply for the loan.
The Honourable Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, has already informed the public about the enrollment process by visiting various markets across the country.
To access the loan, NSIPA or NASSCO Enumerators will visit the markets where the traders are located to register market traders who would benefit from the N50,000 loan to grow their businesses.
If you have a BVN (Bank Verification Number) and belong to an accredited market association or cooperative registered in your state or with the CAC (Corporate Affairs Commission), you can ask your association or cooperative to express their interest in MarketMoni by providing their information to the NSIP assigned State Focal Person. This will register your cooperative’s interest in MarketMoni.
If your association or cooperative qualifies, a MarketMoni agent will be promptly sent to your group to verify and collect information about your members for loan assessment.
Once they are identified as eligible beneficiaries, the N50,000 loan will be transferred to the beneficiary’s wallet or bank account. The funds must be repaid over a period of 6 months.
The beneficiaries are then advised to plan wisely, strategically invest the money, and be committed to repaying the interest-free loan.
The expanded GEEP 2.0 Programme will focus on various initiatives such as Market Moni (also known as lyaloja, Nne Ahia, or Agajin Yankasuwa), Farmer Moni, and Trader Moni. The “lyaloja Market Fund” will provide a non-interest loan of N50,000 to Phase 1 market traders selected from 109 markets across every Senatorial zone in Nigeria.
For further inquiries, please contact your NSIP State focal person for more information.