The Bank of Industry (BOI) has rolled-out of its voucher cards for loan repayment for the GEEP TraderMoni, MarketMoni, and FarmerMoni loans.
The cards would be used just like recharge cards, as the TraderMoni loan beneficiaries are expected to use them in repayment of their loans which qualifies them for the next batch of loans.
Payment plans have been made flexible as they can pay as little as N430 weekly over the period of six months or N860 weekly over the period of three months.
Faithfulness in repayment makes them eligible for graduation into the N15,000 loan scheme, after which there is a N20,000 loan scheme upon graduation and a mega N100,000 loan scheme.
The development of the voucher-based loan repayment came in as a resolution to tackle the challenge of loan repayment, as a lot of the beneficiaries stay far away from the city and commercial centres.
The Executive Director, Micro Enterprises Division at the Bank of Industry, Mrs. Toyin Adeniji noted that most of the beneficiaries stay kilometers away from the nearest banks, as the TraderMoni scheme is a last-mile credit delivery.
Previously, they have had to walk for long distances to repay their loans, but with this scheme, all the traders need to do is to buy the voucher cards and load it on their phones using their USSD code and their loan accounts would be updated accordingly.
