The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development (FMHDSD) has partnered with Access Bank to roll out a loan scheme for poor farmers aged 18 to 55 years and other vulnerable groups across the 36 states and the Federal Capital Territory.
The Group Head, Emerging Businesses of the bank, Mr. Ayodele Olojede, made this initiative known in Lagos, stating that the scheme, tagged the Government Enterprise and Empowerment Programme (GEEP 2.0), is meant to provide financial inclusion and give credit access to poor and vulnerable individuals.
The GEEP 2.0 program was launched as one of Nigeria’s national social investment programs to alleviate poverty by providing an easy process to access funds for Nigerian entrepreneurs who will otherwise struggle to access financial services.
This program, in its first tranche, often called “GEEP 1.0,” was introduced with two broad objectives of access to funding and financial inclusion, under three main sectors, namely: MarketMoni, TraderMoni, and FarmerMoni.
Olojede explained that the government designed the scheme for people at the bottom of the economic pyramid who are engaged in small scale commercial activities under its three flagship schemes: FarmerMoni, MarketMoni, and TraderMoni.
He added that the bank remained committed to boosting the Gross Domestic Product of the country and providing employment through the growth and development of micro, small and medium-scale enterprises (MSMEs).
“In rolling out the program, GEEP 2.0 loans, special accounts will be opened for all beneficiaries for the disbursement of the loan, all beneficiaries are expected to complete physical enumeration at their various local governments and an account opening form of Access Bank prior to disbursement,” Olojede said.