Adedapo Adesanya
By Adedapo Adesanya
The federal government has called upon the beneficiaries of TraderMoni, FarmerMoni, MarketMoni under the Government Enterprise and Empowerment Programme (GEEP) to repay their loans in order to enable them to get a higher credit facility.
According to a disclosure on Tuesday via its Twitter account noted that the call followed concerns over the repayment of the empowerment funds as stipulated in the terms and condition of disbursement.
The government agency added that the repayment will make them have access to other GEEP products.
GEEP, through its verified tweet, said: “Beneficiaries are advised to repay their loan to enable them to get a higher loan, and to have access to other GEEP products.”
It also outlined practical steps for the repayment of these loans. To repay the loans, beneficiaries were urged to walk into any of the listed banks; GTB, UBA, Ecobank, Union Bank, Stanbic, Sterling, Wema, Fidelity, Heritage, and Jaiz Bank.
The beneficiaries were further instructed to report to any of the aforementioned banks, telling them that they would like to pay the BOI-GEEP loan on PayDirect.
They are to supply their mobile numbers and the amount to pay.
GEEP is an initiative of the Federal Government of Nigeria, and Africa’s largest microcredit scheme, which is 100 per cent digitized.
One of its products is the BOI-GEEP loan scheme, a Social Intervention Programme (SIP) of the Federal Government of Nigeria, executed by the Bank of Industry (BOI), a parastatal of the Federal Ministry of Industry, Trade and Investment. The interest-free loans range between N10,000 and N100,000 for owners of microenterprises.
The BOI-GEEP scheme extends to the MarketMoni, FarmerMoni, and TraderMoni initiatives of the Muhammadu Buhari-led administration targeted at alleviating poverty and boosting business incentives.
