1. Similarities:

A. They are both Government Enterprise and Empowerment Programme (GEEP) created to provide financial aid for the under-banked and unbanked. This objective is being achieved by providing easy and quick loans at no interest rate besides a five per cent (5%) administrative fee.
B. They are implemented by the (BOI) Bank of industry.
C. Repayment period of 6months


2. Differences in both schemes

Market moni:
A. Soft loans to small traders ranging from N50,000 up to N300,000
B. They must have a BVN
C. They must belong to an organized structure like a market association or cooperative
D. They must have a business location

Trader moni:
A. You can access 10,000 pay back 10,250, access 15,000 pay back 15,375 and so on up till 100,000 and then they can migrate to Market Moni - people are paying back and many of these traders have now moved to 15,000 from 10,000
B. Must have a BVN
C. Target: petty traders, artisans, whose stock range from N2,000 to N7,000

Basically, market moni targets micro traders that are a bit structured (belong to an association or market cooperative) while trader moni target petty traders.

3. Target
A. 2.5 million small traders and business and the bottom of the financial pyramid eg. Traders, market women, enterprising youth, farmers etc.

4. Current beneficiaries
A. Marketmoni 330,568
B. Tradermoni 1,805,171
C. Farmermoni 1,172
D. Total: 2,136,911 thus far.

4. Summary

The Federal Government believes in the inherent capacity of every Nigerian; young or old, literate or illiterate to contribute immensely to the country’s economy hence these programs to provide financial support to businesses.