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Lack of operational framework, inconsistency in data collection and information dissemination, delay in disbursement of funds, disconnect between BOI and commercial banks, bureaucracy and bottlenecks in accessing loans have been identified by stakeholders as hindrances faced by Micro Small and Medium Enterprises (MSMEs) in accessing the Bank of Industry (BOI) GEEP funds.

At a one-day stakeholders’ meeting organised by Global Centre for Human Empowerment and Entrepreneurship Development (GLOCHEED) in partnership with Partnership to Engage Reform and Learn (PERL) held at Denis Hotel Abuja on Monday, leaders of Business Membership Organisation (BMO) identified the challenges above as major hindrances to accessing the GEEP Market Moni loan.

Zainab Muhammed, the public relations officer of the women wing of National Association of Nigerian Traders (NANTS ) said of the 1000 members of the association that applied for the GEEP Market Moni loan, none has accessed it.

“In this event, it is comforting to know that my association is not the only one that has not accessed the GEEP money. As far as NANTS is concerned, across the country, no one has accessed this fund from BOI yet. We have applied in the last three months; we have done all we are supposed to do. We have been interacting with the banks and BOI also. The last meeting we had with BOI, they said they wanted the ID card of the members of our association who want to access the loan and we are in the process of collecting that now, we hope we will get the loan after that,” she explained.

Out of the 20 associations present at the event, only one said its members have gotten the loan. This could be a reflection of what is happening across the country.

Mrs Rose Gyar, the Director General of GLOCHEED said what maybe causing the delay in people accessing the fund could be lack of operational framework by BOI on how to disburse the funds.

“From the discussions here today, it’s like associations/cooperatives are just floating with information which they get either from the media or have to personally go to the BOI to get or the information they get from the bank. It’s not supposed to be like that. For a massive programme like this, there should be an operational framework that you should start from A, B, to C. I don’t think any of us here can readily say, after this process this is the next step to get the loan. So, BOI should have an operational framework for GEEP.

“For instance, they said the maximum loan you can get is N100,000 from the Market Moni programme. Now, they are saying its N50,000. It now leaves the heads of cooperatives and associations to go back to their members who have applied already that this is the new position. So there is inconsistency in the whole process.

“Again, during the sensitisation, BOI told cooperatives that when apply within two weeks you will get the loans. All you have to do is fill the forms. But now it’s taking people three months, six months and they cannot access the loan.” She explained.

For Oyin Ough of Partnership to Engage Reform and Learn (PERL), a DFID assisted programme, the main reason the interactive session was organised was for leaders of different associations / cooperatives and business membership organisations across the country to highlight challenges they are facing with GEEP and proffer solutions.

“Why we organised this is to have beneficiaries constructively coordinate their issues so that they can effectively engage with government and service