Group Lauds FG Over BoI’s Mobilemoni Scheme

A Non-Governmental Organisation (NGO), Opportunity is Given International (OGI), has lauded the Federal Government for the impact of Bank of Industry’s  Mobilemoni scheme for artisans, traders and enterprising youths in the country.
The BoI’s ‘no-interest’ micro-credit loan scheme (mobilemoni) targets beneficiaries through accredited market associations and cooperatives.
The mobilemoni scheme was launched as part of efforts of President Muhammadu Buhari’s government to stimulate the economy and deepen financial inclusion for the under-banked and unbanked.
It is one of four schemes under the Social Intervention Programme of the Federal Government and it is being executed by the Bank of Industry (BOI).
Under the scheme, beneficiaries are required to have Bank Verification Numbers (BVNs) and eligible for loans from N10,000 to N100,000 repayable over six months with a one-time five per cent administrative fee.
The Regional Coordinator of OGI, Mr Emmanuel Chukwujindu, gave the commendation at an empowerment seminar organised by the group in Enugu on Wednesday.
The theme of the seminar was “Supporting Artisans and Skill Development of Youths and Women’’.
Chukwujindu said that the scheme would help to touch and revive the economy of people in the hinterland who needed the micro loans to expand their businesses and daily ventures.
“It is one of the best financial and loan policies of the government in recent times as it will touch the indigent, but striving Nigerians in trade, craft and enterprise, especially the massive number of youths’ in the country.
“Giving this no-interest micro-loan collateral free gives ordinary Nigerians the chance to get included financially and contribute to the revival of the nation’s economy,’’ he said.
On the seminar, the coordinator said that the programme was meant to teach self-reliant youths and market women effective book keeping and resources management practices.
He said that skill development and trading were vital to create jobs; but most importantly good book keeping, financial management and discipline remained the springboard for growth.
“We are also linking them up with financial mentors who will follow them up and be able to guide them to ensure profitability of their businesses,’’ he said.