GEEP Loans: FG continues to report on 98,000 shortlisted GEEP 2.0 beneficiaries ready for the physical enumeration.
The Federal Ministry of Human Affairs, Disaster Management and Social Development continued the process of physically counting the beneficiaries of a selected government enterprise and empowerment loan program called GEEP 2.0.
Earlier this month, the ministry announced the eligibility of approximately 98,000 beneficiaries to obtain GEEP 2.0 (GEEP loans) across the country, noting that beneficiaries were alerted to computing practices for accessing their biographical data. Will go
Sadia Omar Farooq, Federal Minister for Humanities, Disaster Management and Social Development, while expressing the ministry’s readiness to conduct GEEP loan calculation exercise, said that after the exercise, the loan amount would be distributed to each beneficiary from N50,000 to N300,000.
In a text message sent to the beneficiary, the Ministry and the participating bank noted that the beneficiary must agree to the terms of the loan and must complete the census process at the local authority on the day of notification to receive GEEP. Debt distribution.
The ministry stressed that GEEP loans are interest free loans. This is not a government grant or a contingency.
According to the Ministry, GEEP 2.0 is a loan scheme developed by the federal government to ensure financial inclusion and to provide credit to the poor and vulnerable, including people with disabilities and the lower part of the economic pyramid that is small scale. Are engaged on. Activities under three model business schemes: Marketmoney, Trademoney and Farmmoney.
GEEP loans are interest free soft loans that must be repaid within 9 months.
Trademoni targets infertile and marginalized youth aged 18-40 in Nigeria with N50,000 loans, and MarketMoni targets infertile and marginalized women aged 18-55, such as widows. Divorced people are targeted in other vulnerable groups.
Beneficiaries are to be repaid an interest free loan of N50 000 within 6-9 months.
The FarmMoni is aimed at Nigerian farmers between the ages of 18 and 55 living in rural areas. They are given loans up to 300 000 N for agricultural expenses. The term of this scheme is 12 months, which includes 3-month mortgage and 9-month repayment period.