FG Set To Engage 98000 Beneficiaries For GEEP Loan 2.0 Programme

FG Set To Engage 98000 Beneficiaries For GEEP Loan 2.0 Programme

If you are one of the GEEP Loan 2.0 applicants, you will be happy to know that the Ministry of Humanitarian Affairs, Disaster Management, and Social Development have concluded plans to roll out the Government Enterprise and Empowerment Programme GEEP 2.0 in all 36 states and the Federal Capital Territory.

You may also want to read How To Apply For GEEP Loan 2021/22 – All You Need To Know

This follows the final verification of Phase 1 applicants who qualified and were selected to benefit from small loans ranging from N50,000 to N300,000.

Minister Sadiya Umar Farougq stated that all beneficiaries of GEEP 2.0 shall receive congratulatory and sensitization text messages in the coming days informing them of their qualification and re-emphasis that the empowerment program is a loan and not a grant.

All qualified beneficiaries will soon receive their disbursement alerts. We wish to remind all qualified beneficiaries that this is a loan payable without interest. It is not a grant or a government windfall. It is a soft interest-free loan that must be paid back within 9 months

Minister Umar Farouq also announced that the Ministry is planning a rollout of the program nationwide, after which an enumeration exercise to capture beneficiaries’ biodata will take place.

The 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.

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 underprivileged and marginalized women aged between 18-55 years like Widows, and divorcees amongst other vulnerable groups. They get interest-free loans of N50,000 payable within 6-9 months.

You may also want to read FG Trains NOA Officials As Part of Preparation For GEEP Registration

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.

NNEKA IKEM ANIBEZE
SA MEDIA

FG Set To Engage 98000 Beneficiaries For GEEP Loan 2.0 Programme