The Federal Government initiated Market Moni and Trader Moni under GEEP to grant interest-free loans.
With the passage of
the Secured Transactions in Movabls Assets Act of 2017, MSMEs are now
legally enabled to borrow money with assets other than landed property.
At the Next Level,
the FG will expand and organize the existing schemes into the People
Moni Bank to invest in carpenters, tailors, mechanics, hairdressers and
commercial drivers and other hardworking Nigerians in soft loans up to 1
Million.
People Moni Bank will help beneficiaries address restraints such as skills, bureaucracy and others.
The FG will
establish the Entrepreneur Bank to provide debt and equity and business
advisory support to businesses. The entrepreneur bank will be technology
enabled to use online means for accounts handling and credit ratings.
It will also help with capacity development where needed.
They will set up
109 one stop shops of all regulatory agencies (CAC, NAFDAC, SON, etc)
under one roof in each senatorial district as MSME Clinics.
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