The Government Enterprise and Empowerment Program (GEEP) grants interest-free loans of between N10,000 to N300,000 in a graduating scale of N10,000; N20,000; N50,000; N100,000; and N300,000. Traders either start at N10,000 (TraderMoni), or N50,000 (MarketMoni), or N300,000 (FarmerMoni) depending on the scale of their current trade, and preparedness to meet the criteria at each level. When beneficiaries take a loan and pay back, they automatically qualify for the next higher amount. One of the primary goals of GEEP is to increase financial inclusion and support for citizens at the lowest base of the economic pyramid.
President Muhammadu Buhari has decried the excruciating poverty in the country, adding that the situation makes him uncomfortable. Speaking during the breaking of fast at Aso Villa on Monday night, the president regretted the failure of the elite to address the welfare and educational needs of the less privileged in the society. He charged the…
The Muhammadu Buhari-led administration remains dedicated to lifting more Nigerians out of poverty through interest and collateral free loans, hence, the second phase of the TraderMoni and MarketMoni project has been launched. Started in 2016, the loans are targeted at small scale traders and artisans, giving them access to much needed loans that can grow their businesses and transform the local economy. This was why on Friday, May 3rd 2019, Vice President, Prof. Yemi Osinbajo visited two markets in Anambra state— Ochanja Market, Onitsha and Eke Awka, Awka— to assess the impact of the schemes and formally flag-off the second phase of the loan disbursements there.
To increase social intervention across different market segments, Vice President Yemi Osinbajo has unveiled the second phase of the TraderMoni and MarketMoni in Awka and Onitsha, Anambra state. The schemes were launched in both Eke Awka in Awka South local government area, and Ochanja Market in Onitsha, as beneficiaries acknowledged the receipt of funds ranging…
The Federal Government has rolled out the second phase of Government Enterprise and Empowerment Programme (GEEP) products aimed at giving assistance to traders across the country and encourage growth of their businesses.
The Federal Government on Friday reaffirmed its commitment to ensure that the country remained united and that all citizens, regardless of ethnicity, religion or political affiliation, regard themselves as one. Vice President Yemi Osinbajo gave the assurance when he paid a courtesy visit to the Traditional Ruler of Onitsha, Igwe Alfred Achebe. The News Agency…
According to a UN report, women form a disproportionately large share of the world’s unbanked population. One of the major reasons for this is due to inequalities in income levels between both genders, making women less able to operate accounts in formal financial institutions. Women also rarely have the collateral necessary to access loans from formal financial bodies.
The empowerment of petty and small-scale market traders by the Federal Government through the TraderMoni and MarketMoni initiatives of the Government Enterprise and Empowerment Program (GEEP), continued in Benue state, the food basket of the nation, with a special market activation in two popular markets—Markudi Modern Market and Wurukum Market.
The Government Enterprise and Empowerment Program (GEEP) is a micro-credit scheme of the Federal Government of Nigeria executed by the Bank of Industry. GEEP started in 2016 and has empowered 1.8 million micro-enterprises with collateral-free, interest-free loans to grow their businesses; making it the largest government-led microcredit program globally. GEEP beneficiaries are petty traders, merchants, enterprising youth, and agricultural workers in over 1600 clusters and markets across Nigeria.