GEEP Loan Disbursement Date 2024: This article will cover the Latest News Update for Today’s GEEP 2.0 Loan payment and disbursement.
To help everyone understand when they will get their loan exercise or grant payment, this page provides the most recent news on GEEP 2.0 Loan Payment / Disbursement. This update will let you know what to expect in terms of your GEEP payment during the next few days.
FG Plans to Provide Loans to 98,000 GEEP 2.0 Beneficiaries.
The Ministry of Humanitarian Affairs, Disaster Management, and Social Development has completed plans to implement GEEP 2.0 in all 36 states and the Federal Capital Territory.
This came after the final screening of Phase 1 candidates who qualified and were chosen to get small loans ranging from N50,000 to N300,000.
Minister Sadiya Umar Farouq stated that in the coming days, all GEEP 2.0 beneficiaries will receive congratulations and sensitization text messages alerting them of their qualification, emphasizing that the empowerment program is a loan and not a grant.
Update on GEEP Loan Disbursement Date
“All qualified beneficiaries will soon receive disbursement notifications.” We would like to remind all qualified beneficiaries that this is a loan with no interest. It is not a government handout or a windfall. It is a low-interest loan that must be repaid within nine months.
Minister Umar Farouq further stated that the ministry intends to roll out the program across the country, followed by an enumeration drive to collect biodata from beneficiaries.
The GEEP 2.0 is a loan program created by the federal government of Nigeria to provide financial inclusion and loan access to low-income and vulnerable citizens, such as those with disabilities, as well as citizens at the bottom of the financial pyramid who are involved in small-scale commercial/business activities under its three financial schemes: MarketMoni, TraderMoni, and FarmerMoni.
Tradermoni aims to elevate underprivileged and marginalized adolescents aged 18–40 years in Nigeria by providing them with N50,000 loans, while MarketMoni aims to uplift underprivileged and marginalized women aged 18–55 years, such as widows and divorcees, among other vulnerable groups. They receive N50,000 interest-free loans that are repayable in six to nine months.
FarmerMoni is designed for Nigerian farmers aged 18 to 55 who live in rural areas and work in agriculture. They are given loans of up to N300,000 for agricultural input. This scheme has a 12-month duration, which includes a three-month moratorium and a nine-month repayment period.