FG Opens Portal for Nigerians To Apply for Zero-Interest Loans up to N300,000
- Nigerian market women and small-scale traders could soon access up to N100,000 loans
- The loans will given under the federal government’s MarketMoni and TraderMoni programmes
- The programmes target women, micro-entrepreneurs, artisans, and cooperatives nationwide
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian government is set to empower market women, small-scale traders, and artisans with access to zero-interest loans of up to N100,000 through its upcoming programmes, MarketMoni and TraderMoni.
MarketMoni will provide market women with interest-free loans to grow working capital, restock inventory, and expand their businesses.
Source: Getty Images
Beneficiaries will enjoy zero collateral, a 3-month moratorium before repayment, and nationwide coverage across all six geopolitical zones.
The programme is designed to support women, micro-entrepreneurs, and cooperatives.
Similarly, TraderMoni will target small-scale traders, artisans, and petty entrepreneurs, offering quick and accessible loans to improve cash flow, increase stock, and strengthen businesses.
Like MarketMoni, the initiative will feature zero interest, flexible repayment terms, and nationwide reach.
Both programmes are part of the Government Enterprise and Empowerment Programme (GEEP) under the National Social Investment Programme Agency (NSIPA), aimed at promoting financial inclusion, grassroots enterprise growth, and national economic development.
Key features of the programmes:
- Zero-interest loans up to N100,000
- Zero collateral required
- 3-month moratorium before repayment
- Nationwide coverage across all six geopolitical zones
- Focus on women, micro-entrepreneurs, and cooperatives
These upcoming initiatives promise to strengthen small businesses, enhance financial independence, and empower Nigerians for economic growth.
Source: Getty Images
FarmerMoni kicks off
Another programme under this scheme is FarmerMoni, which provides interest-free loans of up to N300,000 to smallholder farmers, helping them access seeds, fertilisers, equipment, and other essential inputs.
While the other two programmes are upcoming, FarmerMoni has kicked off, and interested qualified persons can now register to access the loan.
Key features of these programme includes:
- Zero-interest loans up to N300,000.
- 3-month moratorium before repayment
- Nationwide coverage across the six geopolitical zones.
- 0% Interest
- Zero Collateral
- Focus on women, youth, and vulnerable groups.
Hamza Baba, the National Programme Manager, Government Enterprise and Empowerment Programme under NSIPA, said this at the inauguration of the Renewed Hope GEEP 3.0. and the FarmerMoni Technical Working Group in Abuja on Wednesday, February 11.
Baba, who described the loan as interest and collateral-free, said that the loans aimed to strengthen agricultural productivity and would be given to farmers across the country.
“Under this particular scheme, we are expecting that from today our portal will be open for eligible farmers, to go and register, to access our loans. And these loans are interest-free and collateral-free."
Youths to borrow up to N5m
Earlier, Legit.ng reported that the Nigerian Consumer Credit Corporation (CREDICORP) has launched YouthCred to make loans available for Nigerian youths.
The national loan scheme allows young people to access up to N5 million as part of efforts to help them actualise their dreams with ease.
Ayodele Olawande, the minister of Youth Development, in a statement the scheme was not just for corps members but for all youths irrespective of their status.
Source: Legit.ng
