Two million Nigerians get Bank of Industry loans

Cooperative societies gets N2bn loan from BoI
Bank of Industry (BoI)

Two million Nigerians get Bank of Industry loans – Bank of Industry (BOI) through its Executive Director, Toyin Adeniji has said that they will not relent until all Nigerians who are willing, have access to loan irrespective of their status or level of education. Speaking at the unveiling of ‘Trader Moni’ initiative at Ojuwoye market in Lagos, Adeniji said that the programme which is activated nationwide will support two million Nigerians to grow their business.

She disclosed that the goal of the scheme was to take financial inclusion down to the grass root whereby pure water seller, bead seller, food seller, okada rider among others can access loan to expand their business without any collateral.

“President Muhammadu Buhari led administration recognised the contribution of petty traders to economic development and identified the fact that some of them may not have what the commercial banks may require to grant loan, so he support this initiative to help them grow their business.”

This ‘Trader Moni’ initiative, she noted, “Is a mobile phone driven, after your details have been captured by agent and send to BOI system for validation, within 48 hours you will get cash notification in your mobile wallet account. You can either transfer the cash to your bank account or cash it out in any mobile money agent around. “At the beginning you can access N10,000 and pay back N10,250 to qualified for N15,000. Once you payback N15,375 you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. All these stages have duration of six months interval to pay back.”

“If you wish you can pay back before six month grace elapsed and access bigger loan. To pay back, just entered some of the backs we have partnered with such as Fidelity, Wema Bank, Gt Bank, UBA, Heritage Bank, Stanbic Bank, Sterling Bank, Union Bank Jaiz Bank, tell them that you want to pay BOI-GEEP loan for PayDirect.”

Echoing similar sentiments, Chief Operating Officer, Government Enterprise and Empowerment Programme, GEEP, Mr. Uzoma Nwagba said that GEEP have three product, ‘Farmer Moni’ for farmers which avail them opportunity to access up to N300,000 loan each. “We have ‘Market Moni’ which target market women, traders and artisans that are little bigger and more structured, they get between N50,000 and N100,000.

The whole initiative is available across the country. Nwagba urged beneficiaries to ensure they pay back to avail other opportunity to benefit, “All this initiative aimed to expand financial inclusion because we have over 23 million Nigerians that are financially excluded, this administration aimed to reach them so that they can grow their businesses.”

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