The Nigerian Government has concluded plans to roll out the Government Enterprise and Empowerment Programme, (GEEP) across the country.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq said the move was sequel to the final verification of Phase 1 applicants who qualified and were selected to benefit from small loans ranging from N50,000 to N300,000.
She said all beneficiaries of GEEP 2.0 shall receive congratulatory and sensitization text messages in the coming days informing them of their qualification and re-emphasised 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.