Access Bank, FG Roll Out GEEP 2.0 In 36 States, FCT

Nigeria’s biggest lender in the SME space, Access Bank Plc is collaborating with the Ministry of Humanitarian Affairs, Disaster Management and Social Development to roll out the Government Enterprise and Empowerment Programme GEEP 2.0 in all the 36 states and the Federal Capital Territory.

Successful beneficiaries of GEEP 2.0, according to a statement by the bank, shall receive congratulatory and sensitization text messages in the coming days informing them of their qualification and re-emphasis that the empowerment program is a loan and not a grant.

“All qualified beneficiaries will soon receive their disbursement alerts after been fully enumerated. We wish to remind all qualified beneficiaries that this is a loan payable within nine months without interest”, the bank said.

The ministry is planning a rollout of the program nationwide, after which an enumeration exercise to capture beneficiaries’ biodata, will take place.

According to Ayodele Olojede, Group Head, Emerging Businesses, Access Bank Plc, “The bank remains committed to the growth and development of the micro, small and medium scale enterprises (MSMEs) as we understand their contribution to the economy in terms of GDP and Employment. Our partnership with the Federal government to roll out the Government Enterprise and Empowerment business Programme GEEP 2.0 in all the 36 states and the Federal Capital Territory is part of our commitment to address the primary factor small business owners face.”

Daily Independent gathered that in rolling out the GEEP 2.0 loans, special accounts will be opened for all beneficiaries for the disbursement of the loan and all beneficiaries are expected to complete physical enumeration at their various local government and an account opening form of Access Bank prior to disbursement.

The GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and give credit access to poor and vulnerable individuals, including persons with disability and persons at the bottom of the economic pyramid who are engaged in small scale commercial activities under its three flagship schemes: MarketMoni, TraderMoni and FarmerMoni.

Tradermoni targets uplifting under-privileged and marginalized youths aged between 18-40 years in Nigeria by providing them with loans of N50,000 while MarketMoni targets under-privileged and marginalized women aged between 18-55 years like Widows, divorcees amongst other vulnerable groups. They get non interest loans of N50,000 payable within 6-9 months.

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