BOI launches repayment recharge card for TraderMoni, others
The Bank of Industry has begun the roll-out of its voucher-based loan repayment recharge cards for the GEEP TraderMoni, MarketMoni, and FarmerMoni loans.
Through a flexible weekly loan repayment plan of N430 per week paid over six months or N860 per week paid over three months, TraderMoni beneficiaries can use the cards to pay back their loans and qualify for the next loan of N15,000.
According to the programme, when the beneficiaries pay the initial loan back to BOI, they graduate to the N20,000 stage, and then they ultimately graduate into the MarketMoni programme where they can get up to N100,000.
The Government Empowerment & Enterprise Program (GEEP) of the Federal government has enabled easy access to finance and working capital for as many as 1.7million traders across the country since it started in 2016.
These loans are part of the Federal government’s plan to broaden financial inclusion at the base of the pyramid, and spur economic growth at the grass-roots.