N-Power: How to Apply For GEEP Loan Of N300,000, The Requirements And Procedure

What is GEEP?

GEEP is a government initiative and empowerment program, a program created by the Federal Government of Nigeria to help Nigerians and lift them out of poverty through interest-free loans. Anyone can apply for this loan unless you are Nigerian and you do not have the terms below.

Prerequisite for applying to GEEP.

  1. No educational qualifications required.
  2. You can apply with your national ID card or voter card.
  3. You have to be Nigerian.
  4. You need to have an existing business in Nigeria, a small business needs to be correct.
  5. You have to pay the representative.

GEEP Credit Department

Money business: this is for all business owners who need more capital to grow their business or if you are just starting your own business, you can now apply for this category; You are a Nigerian with an existing business location.

Market Money: This section is for people in all markets who need free interest to grow their business.

Farmers ’finances: This section is intended for Nigerian farmers to borrow capital to invest in their agriculture and repay it after harvest.

Power loan: This category is open to all electricity users of group A and group B who will need 300,300,000 to start their own business.

How to apply for a GEEP loan

GEEP loans are interest-free loans between N10,000 and N300,000. You can borrow up to N300,000 with a graduation rate of 10,000 N; N20,000; N50,000; N100,000; And N300,000.

How to pay GEEP

When a user takes an N10,000 loan and repays it, he automatically qualifies for the next higher amount than N20,000. If he pays N20,000, he automatically qualifies for N30,000 until he reaches the maximum amount of N300,000.

The criteria for MarketMoni loans include having a bank account (and BVN) and belonging to a market association or cooperative society. 

TraderMoni and MarketMoni are two of the three interest free, collateral free products under the Government Enterprise and Empowerment Programme (GEEP) executed by the Bank of Industry. 

The third interest free loan program, FarmerMoni, is targeted at farmers within farming clusters. Each FarmerMoni loan goes from N100,000 to N300,000 depending on the crop being cultivated. TraderMoni loans, which range from N10,000 to N25,000, do not require any collateral for beneficiaries to participate. 

However, TraderMoni beneficiaries are required to have a mobile phone and must be active petty traders in a designated cluster/market location. This collateral-free approach goes against conventional ‘loan wisdom’. 

As such, critics of the TraderMoni programme often base their arguments on the feasibility of repayments and the sustainability of the program. BOI, in its responses, has often cited the government’s preference for a carrot approach to achieve high repayment.

GEEP is one of the social intervention programmes, comprising TraderMoni, MarketMoni and FarmerMoni. It is executed by the BOI, and is a completely digitised programme where all eligible traders are captured into a database, verified via phone and facial recognition technology. They thereafter receive disbursements in mobile wallets.

All labor users will have to wait until the Minister for Humanitarian Affairs announces how to apply for the next GEEP loan to start their own business.

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