Description
FarmerMoni
FarmerMoni is a Government Enterprise and Empowerment Programme (GEEP) Initiative created to boost the Nigerian economy through leverage and access to finance for farmers.
FarmerMoni is designed to help petty traders expand their trade through the provision of collateral free loans. The loans are repayable over a period of six months.
Under the scheme, beneficiaries can get access to a higher facility ranging from N300,000 to N2,000,000 when they repay within the stipulated time period. The scheme is to provide 1.66 million micro lending for businesses at the bottom of the financial pyramid-traders, women cooperatives and market women; enterprising youth, farmers and agricultural workers, no collateral or interest element
The Bank of Industry management software validates the loan application. The loan is paid within 48 hours to a mobile wallet account, that can then be cashed out.
Start or grow your own business with the help of a government-backed Loan and free business support. A great alternative for individuals looking for business loans to fund their business.
PROS
- Low interest rate
- Collateral free
- Fast Disbursement within 48 hours
CONS
- Low Loan amount
- Numerous documentation required
ELIGIBILITY CRITERIA
- Official Government Identification
- Notarized Guarantor Forms
- Passport photographs
- Training Certificate