GEEP Loan Application Portal 2021 for businesses like MarketMoni, TraderMoni, and FarmerMoni. If you want to do business in any of these areas or want to expand your existing business further then a GEEP loan will help you. Read on for more details.
The Government Initiative and Empowerment Program (GEEP) was launched in 2016 to provide interest and security-free provision to millions of micro-SMEs (MSMEs) operating at the bottom of the Nigerian economic pyramid. The program has so far adopted 3 loan products to support small to medium-sized businesses. The current loan products of the program are MarketMoni, TraderMoni and FarmerMoni.
GEEP goes beyond a social good. This is a matter of financial security. It is a direct effort by the Federal Government of Nigeria through the Bank of Industry that could break decades of economic growth without shared prosperity. MSMEs (mainly informal micro-enterprises) contribute %% of Nigeria’s GDP and 0% of labor. Yet enter5% of enterprises cited “access to money” as their top three challenge, as in 2017 this micro-enterprise segment was given only 0.4% banking loans.
This division is often overlooked by traditional tier banks or unable to manage scale and informality. They are Nigerians, for whom small cents represent a complete change in their business and livelihood. With the capabilities of biometrics, a BVN as digital security, mobile data capture, mobile wallet, and a 4,000-strong agent network, GEEP is able to accurately target, document, profile, and credit 2.3 million people in this population. The program aims to reach 20 million people by 2023.
The impact of the program has been recognized globally and the program has received the 2019 African Bankers Award for “Africa’s Most Influential Financial Inclusion Program”.
GEEP Loan 2021 Application
GEEP Loan Category
Marketmoni was the first loan product launched by GEEP. This is a 6-month interest-free loan of N50,000 ($ 139) for a small business sponsored by their cooperative or market association. This loan o product has helped small business owners to grow their business while providing a comfortable repayment time.
Tradermoni is an entry-level loan product for GEEP. This is a 6-month interest-free loan, starting at N10,000 ($ 28), aimed at small traders and artisans. This loan is aimed at daily market traders who make a living from what they sell on a daily basis and has a product list from N2,000 – N5,000. This loan provides a structured way to increase their inventory when making immediate payments. Most of the beneficiaries of this loan product are first-time recipients from formal financial donors.
Farmermoni is a loan product for small farmers in the agricultural sector. This product is a 6-9 month interest-free loan from N250, 000 (694) for farmers in the agricultural group. Planting is suitable for different planting seasons and cultivation requirements. The product also includes a guaranteed off-taker who is committed to buying agricultural produce from the beneficiaries of this loan for the purpose of local food production.
How to apply for GEEP Loan Application
To take any loan from GEEP, you have to apply for the loan on GEEP Loan Application Portal (https://www.geep.ng) or by visiting the headquarters.
Abuja Office: BOI House Plot 256, Zone A O Off, Herbert Macaulay Way, Abuja
Lagos Office: 23 Marina Street, Lagos.
You can also call or email for more information.
+234 700 6275 386
+234 700 1000 200