GEEP 2 Loan 2021: N250, 000 ($694) Farmermoni Application Form Is Out
GEEP 2 Loan 2021: N250, 000 ($694) Farmermoni Application Form Is Out: FarmerMoni is a loan product targeted at smallholder farmers in the agriculture sector.
This product is a 6-9 months interest-free loan, starting from N250, 000 ($694) for farmers within farming clusters.
The loan is tailored to suit the peculiarities of the different planting seasons and farming requirements.
This product also includes a guaranteed off-taker who commits to purchasing the farming producer from beneficiaries of this loan for the purpose of local food production.
How GEEP Works
GEEP Agents are deployed to market clusters across Nigeria with mobile devices.
Potential beneficiaries are registered at the point of their trade with several data points collected including face ID & GPS location.
These data points are submitted to a central database where they will undergo verification.
Every successful data submission is categorized into batches of 10-20.
Our fully manned call center goes through the process of calling a randomized batch of beneficiaries to verify the submitted information.
Once verified, potential beneficiaries are ready for disbursement into their mobile wallets.
Verified beneficiaries receive a text message on their phone, asking them to respond to a loan offer.
Once they accept, their mobile wallet is funded with the loan amount.
The beneficiaries can choose to transfer the money to their bank account or receive cash via an agent in their market.
Every beneficiary has a 2 weeks moratorium period before they begin to repay their loan. Loan repayments range from a minimum of 3 months to a maximum of 6 months.
Beneficiaries can repay at any bank or by using voucher cards. Once a beneficiary fully repays, they automatically qualify for a higher loan amount.
Apply For GEEP Loan