SME Loan Initiative – GEEP 2.0 begins in Imo State

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The Federal Government of Nigeria has officially commenced the Government Enterprise Empowerment Programme (GEEP) 2.0 in Imo State, kicking-off the disbursement of loans in all states.

So far 4,144 beneficiaries from across the 27 Council areas of the state have been given free interest loans.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, flagged off the national phase of the programme at the Concorde Hotel Owerri on Saturday.

The minister during the presentation of cheques to peasant farmers and petty business women, said that the interest-free loans to beneficiaries aligns with President Muhammadu Buhari’s unwavering support to fight poverty and its devastating impact from all angles.

Saying; “The Government Enterprise and Empowerment Programme (GEEP) is a programme designed by President Muhammadu Buhari’s administration to create further opportunities for the poor, vulnerable and low-income Nigerians, especially those who are involved in viable informal productive activities with limited financial requirements but have never had access to loans from the formal financial sector.

“It is meant to give priority to the most vulnerable in our society like widows, youth, Persons With Disabilities and the Internally Displaced Persons amongst others”, she said.

The Minister disclosed that the beneficiaries are verifiable while the selection process was transparently conducted.

“These selected beneficiaries are now all banked, they have been given ATM cards and are currently being enumerated all of which are our deliberate efforts to enhance financial inclusivity of our poor in a sustainable manner”.

The minister disclosed that GEEP 2.0 has three unique products:

Tradermoni loan of N50,000 is targeted at uplifting the underprivileged and marginalized youths between the ages of 18 – 40 yrs while. MarketMoni loan also of N50,000 is for the less – privileged and marginalized women like widows, divorcees, and other vulnerable groups.

FarmerMoni loan of between N50,000 to N300,000 is designed for small-scale farmers in the communities to improve their agricultural productivity and inclusion in commercial farming.

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