Access Bank Plc has collaborated with the Ministry of Humanitarian Affairs, Disaster Management, and Social Development to provide a loan program for impoverished farmers aged 18 to 55, as well as other vulnerable populations.
Mr. Ayodele Olojede, Group Head, Emerging Businesses of the bank also stated this in a statement issued on Thursday in Lagos.
Olojede stated that the Government Enterprise and Empowerment Programme (GEEP 2.0) will implement in all 36 states and the Federal Capital Territory.
GEEP 2.0 is a loan program by the Federal Government to increase financial inclusion and credit access for the poor and disadvantaged, including those with disabilities.
Under its three flagship programmes, FarmerMoni, MarketMoni, and TraderMoni, the government developed the scheme for those at the bottom of the economic pyramid who engage in small-scale commercial enterprises.
FarmerMoni, according to Olojede, is for Nigerian farmers aged 18 to 55 living in rural regions and working in agriculture.
“They are also loans of up to N300,000 for profitable agricultural output and value-added enterprises.”
“However, This program has a 12-month duration, which includes a three-month moratorium and a nine-month payback period”.
“Tradermoni targets uplifting under-privileged and marginalized youths aged between 18 to 40 years in Nigeria by providing them with loans of N50,000 while MarketMoni targets under-privileged and marginalized women aged between 18 to 55 years, including widows and divorcees.
“They get N50,000 non-interest loans that are due in six to nine months,” he explained.
Olojede stated that the bank remains committed to the growth and development of Micro, Small, and Medium-Scale Enterprises (MSMEs) in order to increase country’s GDP and employment.
“Our collaboration with the Federal Government to launch GEEP 2.0 in all 36 states and the Federal Capital Territory is part of our commitment to addressing the major issue that small company owners confront.”
“As the GEEP 2.0 loan program is also implemented, dedicated accounts will be formed for all recipients for loan disbursement.”
“All beneficiaries are to complete physical enumeration at their respective local governments as well as an Access Bank account opening form prior to disbursement,” Olojede said.
He also stated that after full enumeration, all qualified beneficiaries would receive disbursement alerts.