First Lady launches Market-Moni loan with 1.5m recipients

The First Lady, Sen. Oluremi Tinubu has flagged off Market-Moni, the expanded Government Enterprise and Empowerment Programme (GEEP), with initial phase of 1.5 million recipients getting N50,00 each across the country.

At the launching held at the State House Banquet Hall, Abuja on Wednesday, the first lady advised beneficiaries to plan wisely, invest the money strategically and be committed to repaying the interest free loan.

“The transformative impact of the micro Small and Medium Enterprises (SMEs) can have in the lives of the vulnerable ones in our society cannot be over emphasised because enterprises are the bedrock of our economy.

“By supporting SMEs, we empower local entrepreneurs to generate employment and a life hold for those struggling to make ends meet.

“This also enhances the overall wellbeing of individuals in families; therefore these SMEs have provided the platform to boost the economy of those with limited recourses who can become self reliant, get equipped with skills and support the family.

“My advice to those who have secured interest in getting this loan, they should plan well, exercise financial discipline, invest strategically,’’ the first lady said.

The programme was initiated by the National Social Investment Programmes Agency (NSIPA) under the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

The expanded Programme focuses on the Market Moni also known as lyaloja, Nne Ahia or Agajin Yankasuwa, Farmer moni and Trader moni.

Dr Betta Edu, the Minister of Humanitarian Affairs, and Poverty Alleviation, said the programme was strictly to alleviate poverty among the less privileged, especially the people living with disability across 109 senatorial districts of Nigeria.

She said the programme had the target of reaching at least 1.5 million Nigerians nationwide and 50 million Nigerians in the next four years.

She said the process of sensitisation and enrollment would be carried out in major markets across the 109 senatorial zones of the country with the partner bank getting to them directly.

“Our President Bola Tinubu is fully ready and in a hurry to alleviate poverty from the lives of Nigerians within the next 42 months.

“Since we came on board, we have been working to ensure that we reduce poverty in our nation.’’

Managing Director of Jaiz Bank, Ahmed Hassan, said the bank was partnering with the Federal Government for the proper distribution and recovery of the free interest loan.

He said SMEs played major roles in most countries economies, adding that SMEs accounted for the majority of businesses worldwide and were important contributors to job creation and global economic development.

“I want to thank the Federal Government for the effort of eradicating the epidemic called poverty in this country, we are in partnership to ensure that 100 per cent of the money would be recovered.