The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development has continued processes for the Physical Enumeration of selected beneficiaries of the Government Enterprise and Empowerment Loan Programme dubbed GEEP 2.0.
The Ministry had earlier this month announced the qualification of 98,000 beneficiaries for the GEEP 2.0 (GEEP Loan) nation wide, noting that the beneficiaries would be notified to participate in an enumeration exercise aimed at capturing their biodata.
The Minister, Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouk disclosing the ministry's preparedness to conduct the GEEP Loan enumeration exercise, stated that completion of the exercise would be followed by the disbursement of Loan amounts between N50,000 to N300,000 per each beneficiary.
In a text notification being sent to the beneficiaries, the Ministry and its partnering Banks noted that the beneficiaries must accept the terms and conditions of the loan, complete the enumeration process at their local Government offices on a date to be advised, before qualifying for the GEEP Loan Disbursement.
The Ministry emphasized that GEEP Loan is a loan payable without interest. It is not a grant or a government windfall.
According to the Ministry, GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and give credit access to poor and vulnerable individuals, including Persons With Disability and persons at the bottom of the economic pyramid who are engaged in small scale commercial activities under its three flagship schemes: MarketMoni, TraderMoni and FarmerMoni.
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GEEP Loan is a soft interest-free loan that must be paid back within 9 months.
Tradermoni targets uplifting under-privileged and marginalized youths aged between 18-40 years in Nigeria by providing them with loans of N50,000 while MarketMoni targets under-privileged and marginalized women aged between 18-55 years like Widows, divorcees amongst other vulnerable groups.
The beneficiaries get interest-free loans of N50,000 payable within 6-9 months.
FarmerMoni is for Nigerian farmers aged between 18-55 years in rural areas that operate in the agricultural space. They are provided with loans of up to N300,000 for farming input. This scheme has 12 months including 3 months moratorium and 9 months repayment period.
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