FG Commence Disbursement OF N50000 To GEEP 2.0 Beneficiaries.
After President Muhammadu Buhari confirmed the pending payments to recipients of the NSIP program, the Federal Government has resumed the disbursement of N50,000 to beneficiaries of the GEEP 2.0 program.
The GEEP 2.0 program in Nigeria is a government-led project designed to provide interest-free loans to small business owners, traders, craftsmen, and farmers. GEEP stands for Government Enterprise and Empowerment Program.
If you can’t recall when the GEEP 2.0 application was available, you can find it here. The FG GEEP 2.0 has been launched, and vulnerable Nigerians are encouraged to apply.
This program is part of the Nigerian government’s efforts to stimulate economic growth and alleviate poverty by offering affordable credit to small business owners who often struggle to secure funding from established banks.
Loans under the GEEP 2.0 program are disbursed through the Government Enterprise and Empowerment Program (GEEP) Portal, operated by the Bank of Industry (BOI), a Nigerian development finance institution.
The GEEP 2.0 initiative offers three loan products: TraderMoni, MarketMoni, and FarmerMoni. Each loan product is tailored to a specific group of recipients and comes with varying loan amounts and repayment conditions.
The TraderMoni loan is targeted at small traders and craftspeople, while the MarketMoni loan is for small business owners, and the FarmerMoni loan is for smallholder farmers. These loans are interest-free and can be repaid over a period of six months to one year.
The GEEP 2.0 initiative has received praise for its efforts in supporting small businesses and reducing poverty in Nigeria. However, concerns have been raised about the program’s long-term sustainability and the need to ensure equitable and transparent distribution of loans.
