As part of activities lined up for his official visit to Kano State, Vice President Yemi Osinbajo will on Thursday, May 24, 2018, meet with a section of the over 11,000 beneficiaries of the federal government Enterprise and Empowerment Programme (GEEP) MarketMoni in Kano, to assess the impact of the scheme.
GEEP MarketMoni is a federal government Social Intervention Programme (SIP) that provides loans of up to N300,000 to segments of society with the greatest difficulty accessing credit.
The scheme is executed by the Bank of Industry (BOI), and it directly impacts traders, market women, artisans, and farmers in all 36 states of the country, and the Federal Capital Territory.
According to the executive director of BOI, Toyin Adeniji, the programme is aimed at reinvigorating the economy at the base of the pyramid, the hotbed of Nigeria’s financially vulnerable.
“GEEP MarketMoni is unprecedented in Nigeria’s history, granting interest-free credit facilities to existing microenterprises of market women and traders, artisans, enterprising youth and agricultural workers. It is critical to the federal government’s objective of inclusive growth,” Adeniji said. To benefit from the scheme, applicants just need to apply through their registered Market Associations and Cooperatives, have a Bank Verification Number (BVN), and a mobile phone. The loans range from N10,000 to N300,000, tied to applicants’ BVNs, and are expected to be repaid within a 6 months period without interest.
According to the group head (Microenterprise) of BOI, Uloma Ike, over 11,861 people have benefited from the GEEP MarketMoni loan scheme and over 583 million naira has been disbursed so far in Kano State alone.
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