GEEP LOAN Application and Portal for Registration

Government Enterprise and Empowerment Programme (GEEP). This is one of the incentives that was set up by the federal government under the National Social Investment Program aimed at helping and supporting vulnerable and poor people who want to engage in business, farming and trading. It has helped a lot of people in establishing their enterprise.

Want to start a business, farming and trading and you are short of capital or inadequate funds, GEEP is set up to help you attain your goals. We are here to guide you in knowing the detailed  process of a GEEP loan application from understanding the loan category that is tailored to your needs, benefits, Requirements and repayments 

What is a GEEP Loan?

GEEP loan is a collateral-free and interest-free loan scheme that offers loans ranging from N10,000 to N300,000 to MSMEs in Nigeria, you don’t have to pay interest for this loan. The loan has a flexible repayment period of 6 to 12 months, depending on the amount and category of the loan 

The main Aim of the GEEP loan is to empower traders, artisans, farmers, youths, and women who are at the bottom of the economic pyramid with access to credit that can help them expand their businesses, create jobs, and reduce poverty in ety to boost economic activity and productivity in Nigeria 

GEEP Loan Categories

GEEP loan is categorised into three parts with specific skills, business and occupation. Categories are TraderMoni, MarketMoni, and FarmerMoni. Each category targets a specific segment of MSMEs with different loan amounts and conditions which vary on your needs. 

1.TraderMoni: This category set of loans is for enterprising youths (18-40 years) who have some entrepreneurial skills such as tailors, artists, craftsmen, etc. The loan amount is N50,000 which is to be harnessed for the next three months, During this period you do not pay any payments and it has a tenure of 6 months which means you are to pay back after six months 

2. MarketMoni: This category of loan is for an underprivileged and low or poor woman between 5 years who controls the affairs of the family and sheathe seeing the upbringing of the family such as widows, divorcees, etc. The loan amount is N50,000 for a minimum period of 3 months, in which repayments are stopped but start working in 4 months and it has a tenure of 6 months.

3. FarmerMoni: This category is for farmers and agricultural workers (18-55 years) who operate in rural areas, not urban areas. The loan amount is up to N300,000 with a moratorium period of 9 months in which repayments are stopped but resume in 10 months. The farmer moni categorisedsede production of goods arevivedves in this particular line of occupation.

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GEEP Loan Benefit.

GEEP loan has proven itself over time and has many benefits for businessmen, trades or farmers in Nigeria, either as a startup or someone who has been in the business before. Some of them are:

It is collateral-free and interest-free, meaning you don’t have to worry about submitting and losing your assets when you default on the loan or even pay interest monthly or weekly on the loan collected, it is all free I.e if you secured a loan of 50,000 you only pay 50,000.

It is easy to apply and access: Very easy to access and apply. All the documents you need for the application and registration are a valid Bank Verification Number (BVN), a phone number, and a business registration number (if applicable).

It is flexible and convenient:as you can choose the amount, category, and repayment plan that suits your needs and capacity. It is very easy and convenient 

It helps in empowering society: It helps in empowering ety in the real sense as it targets the most vulnerable and poor and low-income earners people in ally women and youths.

It is supportive and rewarding: since the applications and the interest rates are free it provides training, mentoring, and incentives for successful borrowers.

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How to Apply for GEEP Loan

If you are interested in applying for GEEP loan, you need to follow these steps:

GEEP Loan Requirements

Before you apply for a GEEP loan, you need to meet some basic requirements. If you do not meet this requirement, you won’t be able to access the loan. These are:

1. You must be a Nigerian citizen with a valid means of identification (such as a National ID card, Voter’s card, Driver’s license, etc.).

2. You must have a valid BVN and a phone number linked to it.

3. You must have an existing or potential business that falls under one of the GEEP loan categories. That is you must either be a farmer or an entrepreneur.

4. You must belong to a registered cooperative, association, or trade group that has been validated by the Bank of Industry (BOI). 

5.  You must have a business registration number. These are only applicable to some loan categories, not all.

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GEEP or Registration Portal

To apply for a GEEP loan, you need to visit the official GEEP loan registration portal at www.nsip.gov.ng/geepThis is where you can access all the information and services related to the programme.

On the portal, you can:

1. Learn more about the GEEP loan categories, benefits, and conditions.

2. Check your eligibility and requirements for the loan.

3. Fill and submit the online application form.

4. Track your application status and feedback: check your progress 

5. Contact the customer care service for any inquiries or complaints.

GEEP Loan Application Process

Applying for a GEEP loan is simple. Here are the steps you need to follow:

Visit the GEEP loan registration portal at [www.geep.ng] and click on “Apply Now”.

Choose the category of loan that you want to apply for (TraderMoni, MarketMoni, or FarmerMoni).

Enter your BVN and phone number to verify your identity and eligibility.

Fill in the online application form with your personal and business details.

Upload any required documents such as your ID card, business registration number, etc.

Submit your application and wait for confirmation via SMS or email.

If your application is approved, you will receive a notification with a code that you can use to collect your loan from any of the partner banks or agents.

Collect your loan and start using it for your business.

How to Repay GEEP Loan

Repayment is what is next after collecting the loan, this also applies to GEEP. After you have received and used your GEEP loan, you need to repay it according to the terms and conditions of the programme. Here are some important things you need to know about repaying your GEEP loan:

GEEP Loan Repayment Methods

You can repay your GEEP loan using any of these methods:

Bank Transfer: You can transfer the amount due from your bank account to the designated BOI account using the USSD code *4255# or any other channel provided by your bank. Always check the USSD as it might change as a result of a system update

Cash Deposit: You can deposit cash at any of the partner banks or agents using the code that was given to you when you collected your loan.

GEEP Loan Repayment Period

The repayment period for a GEEP loan depends on the amount and category of the loan. The repayment period ranges from 6 to 12 months, with a grace period of 3 to 9 months.

The repayment schedule is as follows:

Loan Category Loan Amount Grace Period Repayment Period Weekly Repayment

TraderMoni N50,000 3 months 6 months N2,000

MarketMoni N50,000 3 months 6 months N2,000

FarmerMoni N300,000 9 months 12 months N6,000

You are expected to repay your loan weekly, likely till when you clear the balance. You can also repay in full at any time before the due date.

Paying your GEEP loan early according to the repayment deadline without default offers some incentives for borrowers who repay their loans on time and in full. Some of these incentives are:

You can access higher loan amounts in the future:paying early will increase your chance in the future to be able to qualify for higher loans even close to 300,000 

You can enjoy lower interest rates on other BOI products and services.

You can benefit from other government programmes and interventions: you will be allowed to partake in another government programme which might even offer a higher loan.

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Conclusion

GEEP serves as a pathway and opportunity to get access to finances without bearing the bundle of high-interest rates. It is focused entirely on poor people, aspiring businessmen, women and even artisans. It has empowered, supported and promoted many poor people to increase their way of promoting the economic growth of the country.

GEEP loan approval is easy, follow the process, check if you are eligible for any of the categories, submit your credentials and wait for approval. Always repay early to boost your credit scores and increase offers in the future.