The Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development has continued the process of physical enumeration of chosen GEEP 2.0 recipients.
The Ministry had stated earlier this month that 98,000 people across the country have qualified for the GEEP 2.0 (GEEP Loan), and that the recipients would be notified to take part in an enumeration effort to collect their biodata.
Sadiya Umar Farouk, Minister of the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development, indicated that the conclusion of the GEEP Loan enumeration exercise would be followed by the payout of Loan amounts ranging from N50,000 to N300,000 to each beneficiary.
Before qualifying for the GEEP Loan Disbursement, beneficiaries must accept the terms and conditions of the loan and complete the enumeration procedure at their local Government offices on a date to be advised, according to a text message issued to them by the Ministry and its participating Banks.
The Ministry stressed that the GEEP Loan is a zero-interest loan. It isn’t a grant or a gift from the government.
According to the Ministry, GEEP 2.0 is a loan scheme created by the Federal Government to provide financial inclusion and credit access to poor and vulnerable individuals, including people with disabilities and people at the bottom of the economic pyramid who engage in small-scale commercial activities, through three flagship programs: MarketMoni, TraderMoni and FarmerMoni.
The GEEP Loan is a low-interest loan that must be repaid within nine months.
MarketMoni targets disadvantaged and marginalized women aged 18-55 years, such as widows and divorcees, among other vulnerable groups, whereas Tradermoni targets underprivileged and marginalized adolescents aged 18-40 years in Nigeria by giving them with loans of N50,000.
Beneficiaries are given interest-free loans of N50,000 that must be paid back within 6-9 months.
FarmerMoni is a platform for Nigerian farmers aged 18 to 55 who work in the agricultural sector and live in rural areas. They are given loans of up to N300,000 for agricultural input. This plan has a 12-month duration, which includes a 3-month moratorium and a 9-month repayment period.
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Source: Nyscinfo