There are currently 2 million beneficiaries of the federal government-championed initiative aimed at providing collateral-free and interest-free micro-loans to traders and small business operators.
The initiative which is an integral part of the Federal Government’s financial inclusion agenda, is being overseen by 31 year-old entrepreneur, Uzoma Nwagba currently regarded as Africa’s largest social enterprise programme.
Nwagba serves as the Chief Operating Officer (COO) of the Government Enterprise and Empowerment Programme (GEEP), one of the National Social Investment Programme (NSIP) under the Office of Vice President, Prof Yemi Osinbajo. Implemented by the Bank of Industry, GEEP comprises FarmerMoni, MarketMoni and TraderMoni products.
MarketMoni targets small businesses with soft loans from N50,000 to N100,000 while FarmerMoni targets local smallholder farmers with loans starting at N250,000 and a buy-off guarantee on their produce. TraderMoni having the widest reach of the three GEEP initiatives, due to the target demography has given loans starting at N10,000.
Of the over two million beneficiaries of the GEEP, the vast majority of these micro-enterprises are traders, merchants, enterprising youth, and agricultural workers in over 1600 clusters and markets across Nigeria’s 36 states, and the Federal Capital Territory.
The programme involves vendors, technology partners, agent networks, payment partners, and government officials including the Bank of Industry.
In addition to live market activations of MarketMoni and TraderMoni, beneficiaries are also engaged. GEEP currently has about 4,000 agents according to the programme.
The initiative was recently honored at the 2019 African Bankers Awards when Nigeria’s Bank of Industry won the award in the category of ‘Financial Inclusion’ ahead of 4G Capital (Kenya), Amhara (Ethiopia), Cofina (Senegal) and Jumo (South Africa).
Organisers said the award was in recognition of the bank reaching the most disadvantaged and low-income segments of the nation with collateral-free and interest-free micro-loans and ultimately contributing to financial inclusion, development and growth.
“GEEP distinguished itself as the most impactful financial inclusion project in Africa,” it said in a statement.
