Access Bank to Disburse Non-Interest Loans to GEEP 2.0 Beneficiaries
By Aduragbemi Omiyale
Beneficiaries of the Government Enterprise and Empowerment Program (GEEP) 2.0 in all 36 states of the federation and the FCT will soon begin to receive funds from the federal government through Access Bank Plc.
This is because the lender has partnered with the government for the seamless disbursement of the credit facility to successful applicants.
In the coming days, according to the financial institution, GEEP 2.0 beneficiaries will receive congratulatory and sensitisation text messages informing them of their qualification for the empowerment loan and they would be required to repay the facility in nine months’ time without interest.
“All qualified beneficiaries will soon receive their disbursement alerts after being fully enumerated.
“We wish to remind all qualified beneficiaries that this is a loan payable within 9 months without interest,” Access Bank, which collaborated with the Ministry of Humanitarian Affairs, Disaster Management and Social Development to make this happen, emphasised.
“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 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,” the Group Head of Emerging Businesses at Access Bank, Ayodele Olojede, stated.
In rolling out the scheme, 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 governments 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 underprivileged and marginalized women aged between 18-55 years like widows, divorcees amongst other vulnerable groups, who get non-interest loans of N50,000 payable within 6-9 months.
FarmerMoni is for Nigerian farmers aged between 18-55 years in rural areas that operate in the agricultural space. They are provided with loans of up to N300,000 for gainful agricultural production and value addition activities. This scheme has 12 months including 3 months moratorium and 9 months 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.
The bank offers various SMEs digitalised solutions to cater for the vast majority of MSMEs. Some of these innovations include an online account opening platform for businesses, a digital lending platform, a digital payment solution platform (Swiftpay), Access to market (Discounted Website), and our capacity-building programmes.