BoI, Diamond Bank Partner On N140b GEEP Scheme
The Bank of Industry (BoI) and Diamond Bank has partnered towards enhancing financial inclusions of micro entrepreneurs through the implementation of the N140 billion Government Enterprise and Empowerment Programme (GEEP) scheme.
The acting managing director, BoI, Mr. Waheed Olagunju, represented by the executive director, Micro Enterprise, BoI, Mrs. Toyin Adeniji speaking at the programme in Lagos, said that government evolved the scheme because of its passion about sustainable business growth and empowerment of micro entrepreneurs.
According to her, GEEP is one of the social intervention programmes of the federal government executed by the Bank of Industry.
Through GEEP’S MarketMoni product, government seeks to promote financial inclusion and access to credit for 1.6 million market traders, artisans, cooperative, youth and farmers.
She said that MarketMoni is a micro credit loan, easy to access between N10,000 to N100,000 and repayable over six months.
“The idea is to make the loan easily accessible and affordable to the beneficiaries so if you have a Bank Verification Number (BVN) and belong to a market association, you are eligible.
“Basically, it is a loan that is affordable with no interest rate. The only extra money that you see is the administration fees, five per cent which is flat.
“That means if you are taking a loan of N20, 000, at the end of six months, you will pay N21, 000, the beauty is that it is a weekly repayment so it is easy for the beneficiary,” she said.
Adeniji said the partnership with Diamond Bank was to leverage on their commitment and stride in driving financial inclusion among micro-entrepreneurs.
She said that the scheme would also enhance the level of inclusion and participation of the informal sector in the banking sector.
Also, the chief executive officer, Diamond Bank, Mr. Uzoma Dozie said that the synergy would translate to gender empowerment, job creation, business growth and promote government’s cashless policy system.
“Certain policies are coming together now to achieve what we should have achieved long time ago by bringing our resources together to enable small businesses to grow sustainably.
“We are not just providing finance but using ICT to formalise the vibrant and informal sector of the economy,” he said.
