GEEP Loan 2021 : www.geep.ng/index.html: Massive Application Ongoing

The Federal Government Enterprise Empowerment Programme (GEEP) has officially kick-started, formed to provide loans credit SMEs to small businesses operated by low-income earners

The GEEP Loan cut across three programmes: MarketMoni, TraderMoni, and FarmerMoni.

In this article, we will see who is eligible to apply for this loan, the categories of the loan programme, how to apply for each of the programme under GEEP

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GEEP Loan 2021 : www.geep.ng/index.html: Massive Application Ongoing

Eligibility:

Every trader, artisan & farmer in Nigeria is eligible for a GEEP loan.

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GEEP loans are designed to provide credit to small businesses with a convenient repayment period of 6 months.

Geep loan application is not done online

MARKETMONI

MarketMoni was the first loan product launched by GEEP.

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It is a 6-month interest-free loan, starting from N50,000 ($139) for small businesses under the auspices of their cooperative societies or market associations.

This loan product has helped small business owners scale their businesses while offering them a comfortable repayment period.

There is no registration form for marketmoni loan

TRADERMONI

TraderMoni is the entry-level loan product for GEEP.

It is a 6-month interest-free loan, starting from N10,000 ($28) aimed at petty traders and artisans.

This loan is targeted at the everyday market trader, who makes a living from what they sell on a daily basis and whose product inventory ranges from N2,000 – N5,000.

This loan immediately provides them with a structured way to increase their inventory, while repaying the loan.

 Most beneficiaries of this loan product are first-time receivers of a loan from a formal financial lender.

See FG Geep 2 Interest-Free Loans 2021/2022 Opens: Learn More  

FARMERMONI

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

ENUMERATION

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.

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.

DISBURSEMENT

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.

See 2021 CBN Nirsal Covid-19 Loan Portal Opens: How To Apply

REPAYMENT

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

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