Access Bank Plc, Nigeria’s largest SME lender, is working with the Ministry of Humanitarian Affairs, Disaster Management, and Social Development to implement the Government Enterprise and Empowerment Programme GEEP 2.0 across all 36 states and the Federal Capital Territory.
₦50K GEEP Loan for MSMEs from FG
In the coming days, successful GEEP 2.0 beneficiaries will receive congratulatory and sensitization text messages informing them of their qualification and emphasizing that the empowerment program is a loan, not a grant.
“After being fully enumerated, all qualified beneficiaries will receive disbursement alerts soon.” We wish to remind all qualified beneficiaries that this is a loan payable within nine months without interest.
The Ministry intends to roll out the program across the country, followed by an enumeration exercise to collect biodata from beneficiaries.
“The bank remains committed to the growth and development of micro, small, and medium scale enterprises (MSMEs) as we understand their contribution to the economy in terms of GDP and employment,” says Ayodele Olojede, Group Head, Emerging Businesses, Access Bank Plc. Our collaboration with the federal government to implement GEEP 2.0, the Government Enterprise and Empowerment Business Programme, in all 36 states and the Federal Capital Territory, is part of our commitment to addressing the most pressing issue facing small business owners.
Special accounts will be opened for all beneficiaries for the disbursement of the Government Enterprise and Empowerment Business Programme GEEP 2.0 loans, and all beneficiaries are expected to complete physical enumeration at their various local governments and an Access Bank account opening form before disbursement.
Under its three flagship schemes: MarketMoni, TraderMoni, and FarmerMoni, the GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and credit access to poor and vulnerable individuals, including persons with disabilities and those at the bottom of the economic pyramid who are engaged in small scale commercial activities.
MarketMoni targets underprivileged and marginalized women aged 18-55 years, such as widows, divorcees, and other vulnerable groups, while Tradermoni aims to uplift underprivileged and marginalized youths aged 18-40 years in Nigeria by providing them with loans of N50,000. They receive N50,000 non-interest loans that are due in 6 to 9 months.
FarmerMoni is for Nigerian farmers aged 18 to 55 who work in the agricultural sector and live in rural areas. Loans of up to N300,000 are made available to them for profitable agricultural production and value-added activities. This plan is for 12 months, with a 3-month moratorium and a 9-month repayment period.
Access Bank is recognized as one of the most innovative financial institutions in Africa. With over 40 million customers and 600 branches nationwide, it offers a range of products and services tailored to suit the needs and lifestyles of its customers across multiple segments.
To serve the vast majority of MSMEs, the Bank offers a variety of digitalized solutions. Online business account opening platform, digital lending platform, digital payment solution platform (Swiftpay), Access to market (Discounted Website), and capacity-building programs are just a few of our innovations.