GEEP stands for Government Enterprise and Empowerment Program. It is a program initiated by the Federal Government of Nigeria through the office of the vice President, Yemi Osibanjo. GEEP is one of the National Social Investment Programs (NSIP) aimed at growing Micro, Small and Medium Scale Enterprises (MSMEs) in the country.
The GEEP is subdivided into three: TraderMoni, MarketMoni and Farmer Moni. In this properly articulated post, you will learn everything you need to know about Geep Loan.
Now what are the requirements for this loan? What are the eligibility criteria? Now, TraderMoni is a GEEP program. Find out everything about Trader Moni here
To apply for MarketMoni, you have to meet the following conditions:
- You must be a Nigerian above 18 years
- Applicants must belong to a reputable market organization or cooperative society registered with Coperate Affairs Commission in your State.
- Your cooperative society must indicate interest in the loan
- You must have a bank account with BVN
- You must also have a working mobile phone and phone number.
How to apply
With Geep Loan, you will be able to borrow money as a trader or a an artisan or even a farmer. You can borrow up N300, 000 on the GEEP loan without any collateral or guarantor.
The application process is done through the Bank of Industry. So follow the steps to apply for either FarmerMoni, Marketmoni loans:
- Enter the registration portal on Bank of Industry’s website at www.boi.ng/marketreg
- Tap on the “Apply for loan now” button while on the page.
- To register your account, tap the “Register here” button.
- Enter your details duly.
- You will receive a verification link via the email you entered.
- Click on the verification link to lead you to login.
- When you are logged in, fill the application form, save it and the click on the “Continue” to submit your entry.
- An acknowledgement for the receipt of your application will be sent to your email. At this point you have applied.
You can also apply for the loan offline by visiting any Bank of Industry closest to you. Request for the application form; fill it and submit alongside all the documents required as stated above.
The MarketMoni loan otherwise known as Geep Loan does not have interest rate. The only fee paid is the on time 5% administration fee.
Other Popular Banks That Gives Loans In Nigeria:
- Grofin Loan
- Quickcheck Loan
- Bank Of Agriculture Nigeria Loan
- Lapo Microfinance Bank Loan
- Zedvance Loan
- Federal Mortgage Bank Loan
- Paylater Loan
- Kiakia Loan App
- Fint Loan
The repayment of the GEEP loan is done on weekly basis. You are required to make a weekly payment of a token in order to repay your loan.
The repayment channels will be made known to you on approval of your loan. Meanwhile, it could be deducted from your account on due date of payment. You have a period of 3 to 6 months to pay your GEEP loan.
Pros & Cons
You can contact the Bank of Industry customer care via this number: 0700-225-5264
Branches & Head Office
The GEEP loan is a program by the Federal government of Nigeria, disbursed through the Bank of Industry. You can visit any Bank of Industry closest to you for more information.
The Bio Head office: 23 Marina, Lagos State.