Access Bank Plc, Nigeria’s largest SME lender, is collaborating with the Ministry of Humanitarian Affairs, Disaster Management and Social Development to roll out the government’s GEEP 2.0 enterprise and empowerment program in the 36 States and the Federal Capital Territory.
Successful GEEP 2.0 grantees will receive congratulatory and awareness text messages in the coming days informing them of their qualification and again emphasizing that the empowerment program is a loan and not a grant.
“All qualified beneficiaries will soon receive their disbursement alerts after being fully registered. We would like to remind all qualified beneficiaries that this is a loan repayable within 9 months without interest.
The ministry plans to roll out the program nationwide, after which a listing exercise to capture the biographical data of beneficiaries will take place.
According to Ayodele Olojede, Group Head, Emerging Businesses, Access Bank Plc, “The bank remains committed to the growth and development of Micro, Small and Medium 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 the GEEP 2.0 Public Enterprise and Empowerment Program in all 36 states and the Federal Capital Territory is part of our commitment to address the number one driver small business owners are confronted.
During the roll-out of the Public Enterprises and Empowerment Program GEEP 2.0 loans, special accounts will be opened for all beneficiaries for loan disbursement and all beneficiaries are required to carry out a physical census in their various local government units and an application form. Access Bank account opening. before disbursement.
GEEP 2.0 is a lending program designed by the federal government to provide financial inclusion and access to credit for poor and vulnerable people, including people with disabilities and people at the bottom of the economic pyramid who are engaged in activities small-scale businesses through its three flagship programs: MarketMoni, TraderMoni and FarmerMoni.
Tradermoni targets disadvantaged and marginalized youth aged 18 to 40 in Nigeria by providing loans of 50,000 Naira while MarketMoni targets disadvantaged and marginalized women aged 18 to 55 like widows, divorcees among other groups vulnerable. They get interest free loans of N50,000 payable within 6-9 months.
FarmerMoni is for Nigerian farmers between the ages of 18 and 55 in rural areas who operate in the agricultural space. They receive loans of up to N300,000 for lucrative agricultural production and value addition activities. This plan has 12 months including 3 months of moratorium and 9 months of reimbursement.
Access Bank is recognized as one of the most innovative financial institutions in Africa. With more than 40 million customers and 600 branches nationwide, it offers a range of products and services tailored to the needs and lifestyles of its customers across multiple segments. The Bank offers various digitized solutions to SMEs to cater for the vast majority of MSMEs. Some of these innovations include online account opening platform for businesses, digital lending platform, digital payment solution platform (Swiftpay), market access (discount website) and our programs capacity building.