FG has resumed the disbursement oF N50000 to GEEP 2.0 Beneficiaries.
NewsOnline reports that following the approval of the outstanding payment of NSIP program beneficiaries by President Muhammadu Buhari, the Federal Government has resumed the disbursement of N50,000 To GEEP 2.0 Beneficiaries.
The Nigeria GEEP 2.0 program is a government-led initiative that aims to provide interest-free loans to small business owners, traders, artisans, and farmers in Nigeria. GEEP stands for Government Enterprise and Empowerment Program.
The program is part of the Nigerian government’s efforts to drive economic growth and reduce poverty by providing affordable credit to small business owners who often struggle to access financing from traditional financial institutions.
The loans under the GEEP 2.0 program are disbursed through a digital platform called the Government Enterprise and Empowerment Program (GEEP) Portal, which is managed by the Bank of Industry (BOI), a Nigerian development finance institution.
The GEEP 2.0 program offers three different loan products: TraderMoni, MarketMoni, and FarmerMoni. Each loan product is targeted at a specific group of beneficiaries, with varying loan amounts and repayment terms.
The TraderMoni loan is targeted at petty traders and artisans, while the MarketMoni loan is targeted at small business owners and the FarmerMoni loan is targeted at smallholder farmers. The loans are interest-free and repayable over a period of six months to one year.
The GEEP 2.0 program has been lauded for its efforts to support small businesses and reduce poverty in Nigeria. However, there have been concerns about the program’s sustainability and the need to ensure that the loans are disbursed fairly and transparently.