Good News To All Those Whose Applied For Geep Loan 2.0 Program: The FG Engages 98,000 Beneficiaries For GEEP Loan 2.0 Programme.
Geep loan 2.0
FG Engages 98,000 Beneficiaries For GEEP Loan 2.0 Programme.
The Ministry of Humanitarian Affairs, Disaster Management and Social Development has concluded plans to roll out the Government Enterprise and Empowerment Programme GEEP 2.0 in all the 36 states and the Federal Capital Territory.
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.
The Minister Sadiya Umar Farougq said that all beneficiaries of GEEP 2.0 shall receive congratulatory and sensitization text messages in the coming days informing them of their qualification and re-emphasis that the empowerment program is aloan and nota grant.
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:
Tradermoni targets uplifting under-privileged and marginalized youths aged between 18-40 years in Nigeria by providing them with loans of N50,000
while MarketMoni targets under-privileged and marginalized
women aged between 18-55 years like Widows, divorcees amongst other vulnerable groups.
They get interest-free loans of N50,000 payable within 6-9 months.