FG Rolls Out Interest-Free Loans For Vulnerable Nigerians

 

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, has officially rolled out the Government Enterprise Empowerment Programme, GEEP 2.0. in Daura, Katsina state.

Reportedly, the National Roll-Out meant a launch and disbursement of loans simultaneously in all Nigerian states.

Presenting cheques to the farmers and petty business women in Daura, the Minister explained that the interest-free loans was in line with President Muhammadu Buhari’s commitment to fight poverty and its devastating impact on citizens from all angles.

“The Government Enterprise and Empowerment Programme (GEEP) is a programme designed by President Muhammadu Buhari administration to create further opportunities for the poor, vulnerable and low-income Nigerians, especially those who are involved in viable informal productive activities with limited financial requirements, but have never had access to loans from the formal financial sector.

The Minister claimed that the selection process was transparently conducted, saying that that the beneficiaries are verifiable.

“These selected beneficiaries are now all banked, they have been given ATM cards and are currently being enumerated all of which are our deliberate efforts to enhance financial inclusivity of our poor in a sustainable manner,” she said.

Of the 59,161potential beneficiaries were registered across the 34 LGAs of Katsina State only 13,000 beneficiaries were verified and cleared to benefit from the interest free loans for the first phase of the programme, while new registration is yet to commence.

According to her: “GEEP 2.0 has three unique products: Tradermoni loan of N50,000 is targeted at uplifting the under-privileged and marginalised youths between the ages of 18 – 40 years; MarketMoni loan also of N50,000 which is for the under-privileged and marginalised women like widows, divorcees, and other vulnerable groups, as well as FarmerMoni loan of between N50,000 to N300,000 designed for small scale farmers in the communities to improve their agricultural productivity and inclusion into commercial farming.

Reportedly, the ministry would publicly announce the second phase of registration for the year 2022, of which more vulnerable individuals and groups are expected to openly register at the National Orientation Agency offices by GEEP trained desk officers across the 774 LGA ‘s nationwide.