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N-Power Exit Package: Volunteers Should Know What GEEP Loan is all about

N-Power Exit Package: Volunteers Should Know What GEEP Loan is all about 

GEEP, Government Enterprise and Empowerment Programme is a mini-lending intervention which provides loans for under-banked and 'un-banked' first-time borrowers at no interest rate except a one-time 5% administrative fee. 

It is an initiative of the Nigerian Federal Government to provide financial inclusion and access to micro-credit for Nigerians for start-up businesses and likes. 

The Minister of Finance ascertained the exit-package plan that has been made for the exiting Npower volunteers.

It should be recalled that, the Federal Government has made it clear that it would disengage both Batch A and B volunteers of the N-Power programme. This may be to enable the government take on another batch.

In a live programme on NTA Good Morning Nigeria, the Minister of Finance gave a skeletal detail of the GEEP loan of the Federal Government. The loan type has been a part of the present administration for a while.

The aim of the loan is to provide capital to beneficiaries in an accessible method to elevate their businesses to the status of the formal financial system via bank accounts, mobile wallets, and formal identities. They should be able to grow micro, Small and medium businesses which are the bedrock of the Nigerian economy. The loan does not require any collateral. It is given to traders, artisans and farmers for the purposes of enhancing their living standards, thereby increasing their businesses through monetary assistance from the Bank of Industry.

The GEEP Loan comes in three categories: Trader Moni, Market Moni, and Farmer Money.

[1] Trader Money:

This is exclusively for petty traders and artisans in the country. This category of GEEP loan allows a trader to collect an interest-free loan from N10, 000 up to N100 000 as he or she pays back. The trader gets N10, 000 as the first loan. When he/she pays back the first loan, he/she immediately qualifies for a second loan of N15, 000. After paying back the second loan, the trader qualifies for a N20, 000 loan, and then N50, 000, and then N100, 000.The Trader Moni programme is meant to revolutionise the level of petty trading by providing continuous loans and making each loan bigger to enable them to grow naturally. 

[2] Market Money:

This loan begins with N50, 000. It was designed for medium scale entrepreneurs that comprises market women, artisans, and market associations. A Bank Verification Number (BVN) is required and the loans are deposited in beneficiaries’ bank accounts. The government claims it has given interest-free loans to 350,000 Nigerians as market money. 

[3] Farmer Money 

Farmer money is the third of the categories of the GEEP loan. The minimum amount given as farmer money is N300, 000. This category of loan was designed for farmers in farming clusters via farm aggregators. To able to get this loan, you need to have a BVN as the loans are distributed to the beneficiaries through their bank accounts. The aggregators regulate the use of funds to ensure inputs such as fertilizers and farming best practices are provided. Some 5,000 farmers are said to have benefited since the programme kicked off. 

It is now up to the volunteers to decide which to select and what to do. 

Content created and supplied by: Muhammad-Nafi'u19 (via Opera News )

Federal Government Finance Government Enterprise and Empowerment Programme NTA Nigerian


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