What You Should Know About GEEP’s Interest-Free Loan
One of the five NSIP programs is the Government Enterprise Empowerment Program (GEEP). GEEP was established in 2016 with the goal of providing interest-free and collateral-free lending to Nigeria’s millions of Micro Small and Medium Enterprises (MSMEs). So far, the initiative has used three loan products to help small and medium-sized businesses.
The program’s current loan products are MarketMoni, TraderMoni, and FarmerMoni.
1. MarketMoni: MarketMoni was GEEP’s initial loan product. It’s a 6-month interest-free loan for small businesses under the aegis of their cooperative societies or market organizations, starting at N50,000 ($139). This loan product has aided small business owners in expanding their operations while providing a convenient repayment schedule.
2. TraderMoni: This is GEEP’s entry-level lending product. It’s a 6-month interest-free loan for modest traders and artists, starting at N10,000 ($28). This loan is for the everyday market trader who makes a living off of what they sell on a daily basis and has a product inventory of N2,000 to N5,000. This loan gives them a systematic strategy to increase their inventory while repaying the debt right away. The majority of those who benefit from this loan are first-time borrowers from a formal financial institution.
3. FarmerMoni: is a lending product designed specifically for smallholder farmers in the agriculture industry. This is a 6- to a 9-month interest-free loan for farmers in farming areas, starting at N250,000 ($694). The loan is customized to fit the needs of different planting seasons and farming operations. This offer also comes with a guaranteed off-taker who agrees to buy the farming producer from the loan beneficiaries for the purpose of local food production.
GEEP loans are not distributed at will. Instead, existing groups and associations in various markets across the country are utilized. This aids in the effective tracking of loans and the availability of simple repayment choices for the borrowers.
Dial *45665# for more information about GEEP and how to apply.