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The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development have announced that it is planning a rollout of the GEEP 2.0 (GEEP Loan) nationwide, after which an enumeration exercise to capture beneficiaries’ biodata will take place, as it engages 98,000 beneficiaries in the Programme.
The Minister, Sadiya Umar Farouk disclosed the plan in an official statement signed by her Special Assistant on Media and Publicity, Nneka Ikem Anibueze.
Farouk noted that 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.
“All beneficiaries of GEEP 2.0 shall receive congratulatory and sensitization text messages in the coming days informing them of their qualification”
“All qualified beneficiaries will soon receive their disbursement alerts”
“We wish to remind all qualified beneficiaries that GEEP Loan is a loan payable without interest. It is not a grant or a government windfall”, she added.
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Earlier before the announcement, some of the beneficiaries have started receiving text messages notifying them that they have been selected for the GEEP Loan Programme.
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.
|SEE ALSO: Rapid Response Register (RRR) Update: Payment and Registration|
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-and 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.
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.
Originally published by myinfoclock
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