1What is MarketMoni?
Loan from the Federal Government of Nigeria to help with your trade or small business.
2What does MarketMoni offer?
- Loans from 10,000 to 100,000
- 5% administrative fee (No other charges)
- 6-month loan tenure
- Two-week grace period
- Daily Collections
3Who can apply?
Members of an accredited market association, cooperative or trade group who have valid BVNs and whose business locations can be verified
4What 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.
5Are 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.
6I 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.
7Can 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.
8Can 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.
9What if I don’t have BVN?
BVN is a requirement to get a MarketMoni loan. If you do not have a BVN, you may obtain a BVN at any bank; you would not be required to open a bank account to do this.