BOI : We’re warehousing data on 2,418,936 Social Loan Recipients

The Bank of Industry on Thursday said it had the database of 2,418,936 beneficiaries of Government Enterprise and Empowerment Programme.

In a statement titled ‘Bank of Industry debunks false report on TraderMoni in Kwara State’, spokesman for the organisation, Mr Bisi Daniel, said the bank had the necessary details of beneficiaries of the government intervention programme.

The bank said all National Social Investment Programme focal persons in all states of the federation, after necessary approvals, had been furnished with all information regarding the beneficiaries.

“This includes beneficiary names, phone numbers and business location,” the bank stated.

It added, “We would like to state that the fully digitised loan records and biodata of all 2,418,936 GEEP (Government Enterprise and Empowerment Programme) beneficiaries are electronically stored in a central database.”

It said the data could be viewed at the GEEP Command Centre of the Bank of Industry, which was open to the public.

The bank said the programme relied heavily on technology to deliver its three loan products including TraderMoni, MarketMoni and FarmerMoni.

It said data on every captured beneficiary was delivered to the Bank of Industry in real time to enable verification, appraisals and credit assessment.

According to the bank, all submitted beneficiary data go through several points of verification to ensure validity of the registration process.

It explained that it was only when this data had been verified that applicants were able to receive loans, as every loan given out could be traced to a beneficiary involved in a known trade, at a known location, within a known market association, cooperative or farming cluster.

The bank stated that since the inception of the programme, several beneficiaries had successfully repaid their loans and had gone on to access higher TraderMoni and MarketMoni loans.

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