Government Enterprise & Empowerment Programme
GEEP aims to empower entrepreneurs, promote economic growth, and enhance livelihoods
The Government Enterprise & Empowerment Programme is a social investment Programme by the Federal Government of Nigeria that provides access to credit for MSMEs. The programme is executed by the Bank of Industry (BOI).
GEEP was developed for the over 37 million Nigerians at the base of the economic pyramid who are in active commercial activity but have never had the opportunity to access loans. These people include traders, artisans, farmers, petty traders, tricycle riders, and other micro-service providers in our community.
GEEP currently has three (3) loan products:
1. MarketMoni
A loan between N50,000 and N100,000 for the upper end of micro-enterprises: traders, market women, youth, and artisans. This loan is delivered through market associations and cooperatives.
2. TraderMoni
This is a micro-credit loan for petty traders and artisans designed to meet the needs of the larger population of Nigerian micro-enterprises who do not meet the more stringent starting requirements required for bigger loans.
3. FarmerMoni
This loan was created to provide leverage and access to finance for farmers. The loan starts at N300,000 and is targeted at farmers in farming clusters, via farm aggregators.
Overview
- GEEP is a micro-lending intervention program established by the Federal Government of Nigeria.
- Its primary goal is to provide financial assistance to various categories of small and medium businesses across Nigeria.
Funding and Management
- The program is managed by the Bank of Industry (BOI) on behalf of the Federal Government.
- BOI disburses funds directly to the target beneficiaries through its Micro Enterprises Directorate.
- The funds are used for various purposes, including business expansion, rehabilitation, and modernization.
Target Beneficiaries
- Market women
- Artisans
- Women cooperative societies
- Enterprising youthd
- Small-scall farmers
- Agro-allied processors
- Other MSME (Micro, Small, and Medium Enterprises) categories
Eligibility Criteria
- Applicants must belong to a registered cooperative society/group at the state level.
- Recommendation for a loan by the local leadership of the cooperative society/group is required.
- Valid Bank Verification Number (BVN) and verified trade/farming location are necessary.
Loan Documentation Required
- Open an account with the Bank of Industry.
- Documents needed for account opening include:
- Shareholders’ schedule (for new customers)
- Full incorporation documents
- Means of identification for company directors
- BVN of executive directors
Loan Application Process
- Complete a loan application form
- Submit all required documents for verification
- The application process begins after the account is opened.
- Enpowerment
- Consistency
Achievement
Distribution of Beneficiaries by Loan product