Home Business BOI disburses N50m micro-credit loans to 1,000 beneficiaries

BOI disburses N50m micro-credit loans to 1,000 beneficiaries

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Kayode Pitan, MD, BoI
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An initial set of 1,000 market women in the Federal Capital Territory (FCT), Abuja are now beneficiaries of a N50m micro-credit loan disbursed by the Bank of Industry (BOI) under the Government Enterprise and Empowerment Programme (GEEP).
the BOI’s Executive Director of Micro Enterprises ,Mrs. Toyin Adeniji, said at the commencement of the loan scheme in Abuja yesterday, the loans of N50,000 each were paid directly into the accounts of the beneficiaries.
The GEEP, also known as MarketMoni, is part of the national social investment programme of the federal government being managed by the BOI.
According to Adeniji, “Government has committed over a billion naira to this programme and it is going to go into the hands of women, artisans, youths and small farmers. Through these women, we will be empowering families and the nation.”
The BOI partnered with the National Council of Women Societies (NCWS) to disburse loans to market women who are also members of various women’s’ groups.
The President of the NCWS, Dr. Gloria Shoda, said this was the first time that the Federal Government would be paying money directly into the accounts of market women for them to grow their businesses.
Shoda said the loans were supposed to range from N10,000 to N100,000 but since all members wanted to benefit, the bank had to give them N50,000 each, repayable in six months.
“Some of them are doing small businesses and N50,000 is a lot of money to them. We are hoping that these women will collect these loans, pay back in six months and collect again and continue their businesses,” she said.
A beneficiary of the loan, who is also the President of Divine Treasure Women and Youth Empowerment, an affiliate of NCWS, Mrs Ayorinde Olusayo, confirmed that she had received the alert.
“If people hear N50,000, it may sound little or small to them. This money is meant to enhance my business. With the economic situation in this country, if you see somebody that gives you N10 to add to your business that person wants a better life for you,” she said.

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