FG has Engaged 98,000 Beneficiaries For GEEP loan 2.0 Programme.
The Federal Government has said it has engaged 98,000 beneficiaries for the GEEP Loan 2.0 Programme. Ejes Gist Newspaper reports
This was contained in a statement issued from the office of the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, signed by Nneka Ikem Anibeze.
See : GEEP loan application portal 2022: How to apply for Geep loan, Geep Loan Login Portal, Requirements
The statement reads as follows:
The Ministry of Humanitarian Affairs, Disaster Management, and Social Development has finalised plans to implement GEEP 2.0 in all 36 states and the Federal Capital Territory.
This comes after the final screening of Phase 1 applicants who met the criteria and were chosen to receive small loans ranging from N50,000 to N300,000.
In the coming days, all GEEP 2.0 beneficiaries will receive congratulatory and sensitization text messages informing them of their qualification and re-emphasizing that the empowerment programme is a loan, not a grant, according to Minister Sadiya Umar Farouq.
“All qualified beneficiaries will receive disbursement alerts in the near future.” We’d like to remind everyone who qualifies that this is an interest-free loan. It isn’t a grant or a gift from the government. It’s a low-interest loan that must be repaid within nine months.”
Minister Umar Farouq also stated that the Ministry intends to roll out the programme across the country, followed by an enumeration exercise to collect biodata from beneficiaries.
Under its three flagship schemes: MarketMoni, TraderMoni, and FarmerMoni, the GEEP loan scheme designed by the Federal Government to provide financial inclusion and credit access to poor and vulnerable individuals, including persons with disabilities and those at the bottom of the economic pyramid who are engaged in small-scale commercial activities.
Tradermoni aims to uplift underprivileged and marginalised youths in Nigeria between the ages of 18 and 40 by providing them with loans of N50,000, whereas MarketMoni aims to uplift underprivileged and marginalised women between the ages of 18 and 55, including widows, divorcees, and other vulnerable groups. They are given interest-free loans of N50,000 that must be paid back in 6 to 9 months.
FarmerMoni is a platform for Nigerian farmers aged 18 to 55 who work in the agricultural sector and live in rural areas. They are given loans of up to N300,000 for agricultural input. This plan has a 12-month duration, which includes a 3-month moratorium and a 9-month repayment period.
NNEKA IKEM ANIBEZE
What is GEEP Loan 2.0 Programme
What is the meaning of geep loan?: Is a Government Enterprise Empowerment Programme (GEEP) is one of the 5 NSIP Programmes. GEEP was launched in 2016 with the aim to offer interest and collateral free credit to the millions of Micro SMEs (MSMEs) operating at the bottom of the Nigerian economic pyramid. The program has leveraged 3 loan products, so far, to support small to medium-sized businesses.