The Government Enterprise Empowerment Programme (GEEP) was launched in 2016 with the aim to offer interest and collateral free credit to the millions of Micro SMEs (MSMEs) operating at the bottom of the Nigerian economic pyramid. The program has leveraged on 3 loan products, so far, to support small to medium sized businesses. The programme’s current loan products are:
Related:
1. TRADERMONI
2. MARKETMONI
3. FERMERMONI
TRADERMONI
"TraderMoni is the entry level loan product for GEEP. It is a 6 month interest-free loan, starting from N10,000 ($28) aimed at petty traders and artisans. This loan is targeted at the everyday market trader, who makes a living from what they sell on a daily basis and whose product inventory ranges from N2,000 - N5,000."
"This loan immediately provides them with a structured way to increase their inventory, while repaying the loan. Most beneficiaries of this loan product are first-time receivers of a loan from a formal financial lender.."
MARKETMONI
"MarketMoni was the first loan product launched by GEEP. It is a 6-month interest-free loan, starting from N50,000 ($139) for small businesses under the auspices of their cooperative societies or market associations. This loan product has helped small business owners scale their business, while offering them a comfortable repayment period."
FarmerMoni
"FarmerMoni is a loan product targeted at the smallholder farmers in the agriculture sector. This product is a 6-9 months interest-free loan, starting from N250,000 ($694) for farmers within farming clusters. The loan is tailored to suit the peculiarities of the different planting seasons and farming requirements."
This product also includes a guaranteed off-taker who commits to purchasing the farming producer from beneficiaries of this loan for the purpose of local food production..
GEEP is beyond a social good. It is a matter of economic security. It is a direct effort of the Federal Government of Nigeria through the Bank of Industry to break a multi-decade jinx of economic growth without shared prosperity. MSMEs (predominantly informal micro enterprises) contribute 76% of Nigeria’s GDP and 60% of labor. Yet 85% of these enterprises cite “access to finance” in their top three challenges, as only 0.4% of banking loans in 2017 were lent to this microenterprise segment. This segment is often-neglected by traditional banks unwilling or unable to handle scale and informality.
They are the Nigerians for whom microcredit represents a complete turnaround in their businesses and livelihoods. With the power of biometrics, a BVN as digital collateral, mobile data capture, mobile wallets and a 4,000-strong agent network, GEEP has been able to properly target, document, profile, and deliver credit to 2.3 million people in this demographic. The program targets 20 million people by 2023. .
The program’s impact has been recognized globally and the program received the 2019 African Bankers’ Award for “Most Impactful Financial Inclusion program in Africa.”.
Thanks you all
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