This article contains the most recent information about the GEEP Loan Disbursement Date. It aims to help you understand when you can expect to receive your loan or grant payment.
By reading this update, you will be informed about the expected timeline for your GEEP Loan Disbursement Date 2023/2023 Latest News Update in the upcoming days.
The Government Enterprise and Empowerment Program (GEEP) has been a game-changer in Nigeria, providing financial inclusion and access to loans for low-income and vulnerable citizens.
As we look forward to 2023, there is exciting news for potential beneficiaries as the disbursement date for GEEP loans draws near.
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The Federal Government has a plan to provide loans to 98,000 beneficiaries through the GEEP 2.0 program. The Ministry of Humanitarian Affairs, Disaster Management, and Social Development will be implementing GEEP 2.0 in all 36 states and the Federal Capital Territory.
Phase 1 candidates have already undergone the final screening process and those who qualified will be chosen to receive small loans ranging from N50,000 to N300,000.
Minister Sadiya Umar Farouq announced that in the coming days, all GEEP 2.0 beneficiaries will receive congratulatory and sensitization text messages informing them about their qualification. It is important to note that the empowerment program is a loan and not a grant.
Update on GEEP Loan Disbursement Date
“We are pleased to inform all qualified beneficiaries that disbursement notifications will be sent out soon.” We want to emphasize that this loan comes with no interest and is not a government handout or free money. It is a low-interest loan that must be repaid within nine months.
Minister Umar Farouq also mentioned that the ministry plans to expand the program nationwide and will conduct an enumeration drive to collect biodata from beneficiaries.
GEEP 2.0 is a loan program initiated by the Nigerian federal government to provide financial inclusion and access to loans for low-income and vulnerable citizens, including people with disabilities and those engaged in small-scale business activities.
It consists of three financial schemes: MarketMoni, TraderMoni, and FarmerMoni.
TraderMoni aims to support disadvantaged individuals aged 18–40 by providing them with N50,000 loans, while MarketMoni targets underprivileged women aged 18–55, including widows and divorcees, among others. They receive N50,000 interest-free loans repayable within six to nine months.
FarmerMoni is designed for rural Nigerian farmers aged 18 to 55 engaged in agriculture. They are eligible for loans of up to N300,000 for agricultural inputs. The scheme offers a 12-month duration, with a three-month moratorium and a nine-month repayment period.
the GEEP Loan Disbursement Date for 2023 promises to be a turning point for many aspiring entrepreneurs and vulnerable citizens.
With the support of the government, these loans are poised to be a stepping stone toward achieving financial independence and sustainable growth.
As beneficiaries receive their notifications for the GEEP Loan Disbursement Date, it is time to seize the opportunity, invest wisely, and contribute to the growth of Nigeria’s economy.