98,000 beneficiaries enrolled by the Federal Government in the GEEP Loan 2.0 Program.
The Federal Government has engaged 98000 beneficiaries for the GEEP Loan 2.0 Program – Plans to roll out the Government Enterprise and Empowerment Programme (GEEP 2.0) in all 36 states and the Federal Capital Territory have been finalized by the Ministry of Humanitarian Affairs, Disaster Management, and Social Development.
This follows the completion of the final verification of Phase 1 applicants who qualified and were selected to receive small loans ranging from N50,000 to N300,000 as a result of their qualifications.
All GEEP 2.0 beneficiaries will receive congratulatory and sensitization text messages in the coming days, according to the Minister Sadiya Umar Farougq. The messages will inform them of their qualification and reiterate that the empowerment program is a loan, not a grant.
All eligible beneficiaries will receive their disbursement notifications in the near future. All qualified beneficiaries are reminded that this is a loan with no interest payable to them immediately. It is not a grant or a windfall from the government. It is a soft interest-free loan that must be repaid within nine months of receiving it.
Ministry of Health and Human Services Minister Umar Farouq also announced that the Ministry is planning a nationwide rollout of the program, following which an enumeration exercise to capture beneficiaries’ biodata will be conducted. will be conducted to capture beneficiaries’ biodata.
Its three flagship schemes, MarketMoni, TraderMoni, and FarmerMoni, are designed 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. The GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and credit access to poor and vulnerable individuals, including Persons with Disability and those at the bottom of the economic pyramid.
Aiming to uplift under-privileged and marginalized youths aged 18-40 years in Nigeria, Tradermoni provides loan amounts ranging from N50,000 to N100,000, while MarketMoni targets under-privileged and marginalized women aged 18-55 years, including widows, divorcees and other vulnerable groups. They receive interest-free loans in the amount of N50,000, which must be repaid within 6-9 months.
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FarmerMoni is a mobile application for Nigerian farmers aged 18 to 55 years who live in rural areas and work in the agricultural sector. They are eligible for loans of up to N300,000 for the purchase of farming inputs. The duration of this scheme is 12 months, which includes a 3-month moratorium and a 9-month repayment period.
