GEEP LOAN: Government Enterprise and Empowerment Programme 2021
This page is about the Nigerian Government Enterprise and Empowerment Programme, GEEP Loan. Here we will tell you all you need to know about Tradermoni, MarketMoni and FarmerMoni.
The Government Enterprise and Empowerment Programme (GEEP) is an initiative by the Federal Government of Nigeria to provide financial inclusion and access to micro-credit for Nigerians at the bottom of the economic pyramid.
GEEP aims to provide capital to beneficiaries in an easily accessible way to grow their business and on-board these beneficiaries into the formal financial system through bank accounts, mobile wallets, and formal identities.
About Government Enterprise and Empowerment Programme (GEEP)
The Nigerian Government Enterprise and Empowerment Programme (GEEP) is one of the National Social Investment Programme (NSIP) for Micro, Small and Medium Enterprises (MSMEs) under the Office of Vice President Yemi Osinbajo.
In it, non-collateral soft loans are given to traders, artisans and farmers for purposes of enhancing their living standards by expanding their businesses through funding by Bank of Industry (BoI).
Types of GEEP Loan You can Apply
Under GEEP are three sub-programmes: Tradermoni, MarketMoni and FarmerMoni, where zero collateral loans, ranging from N10, 000 to N300, 000 are given to MSMEs operators, as part of poverty eradication efforts.
TraderMoni was created specifically for petty traders and artisans across the country. With the scheme, a trader can receive interest-free loan from N10, 000 to N100 000 as he pays back. He gets N10, 000 as the first loan.
When he pays back the first loan, he immediately qualifies for a second loan of N15, 000. After paying back the second loan, he qualifies for a N20, 000 loan, and then N50, 000, and then N100, 000.
The TraderMoni programme is meant to change the level of petty trading by providing continuous loans and making each loan bigger to enable them grow organically.
MarketMoni starts with N50, 000 and is designed for medium scale entrepreneurs consisting of market women, artisans, and youth/market associations.
A Bank Verification Number (BVN) is required and the loans are deposited in beneficiaries’ bank accounts. Through this scheme, the government claims it has extended interest-free loans to 350,000 Nigerians.
FarmerMoni, credit starts from N300, 000 and is designed for farmers in farming clusters via farm aggregators. Here also, a BVN is required, as the loans are disbursed to the beneficiaries through their bank accounts.
Here, the aggregators regulate the use of funds to ensure inputs such as fertilizers and farming best practices are provided. Some 5,000 farmers are said to have benefitted since the programme kicked off last year.
Who is Eligible for a GEEP loan?
Every trader, artisan & farmer in Nigeria is eligible for a GEEP loan. GEEP loans are designed to provide credit to small businesses with a convenient repayment period of 6 months. Geep loan application is not done online, read on.
How to Apply for GEEP Loan
You must meet the following requirements to be eligible for GEEP Loan:
- Must be a Nigeria
- Must have Bank Verification Number (BVN)
- Must belong to an accredited market association or cooperative registered in your State it with the CAC
- Your Association or Cooperative must indicate it’s interest in MarketMoni by submitting it’s information to BOI, including it’s certificate of registration
- Visit: www.boi.ng/marketreg
Kindly use the comment box below if you have any question about Enterprise and Empowerment Programme (GEEP).