The Government Enterprise Empowerment Programme (GEEP) was launched in 2016, with the objective of providing interest and collateral-free credit to millions of Micro SMEs (MSMEs) at the bottom of the Nigerian economic pyramid. GEEP has introduced three loan products to support small to medium-sized businesses, namely MarketMoni, TraderMoni, and FarmerMoni.
GEEP loans are designed to provide credit to small businesses, with a repayment period of six months, and they are available to every trader, artisan, and farmer in Nigeria. The GEEP loan application is not done online. Instead, GEEP agents are deployed to market clusters across Nigeria with mobile devices to register potential beneficiaries, and their data points are submitted to a central database for verification.
MarketMoni was the first loan product launched by GEEP, and it offers a 6-month interest-free loan, starting from N50,000 ($139), for small businesses under the auspices of their cooperative societies or market associations. TraderMoni, on the other hand, is the entry-level loan product for GEEP. It is a 6-month interest-free loan, starting from N10,000 ($28), aimed at petty traders and artisans. Finally, FarmerMoni is a loan product tailored to smallholder farmers in the agriculture sector. It offers a 6-9 months interest-free loan, starting from N250,000 ($694), for farmers within farming clusters.
After beneficiaries are verified, they are ready for loan disbursement into their mobile wallets. Once a beneficiary accepts a loan offer, their mobile wallet is funded with the loan amount. They can choose to transfer the money to their bank account or receive cash via an agent in their market. Beneficiaries have a two-week moratorium period before beginning to repay their loan. Repayments range from a minimum of three months to a maximum of six months, and they can repay at any bank or using voucher cards. Once a beneficiary fully repays, they automatically qualify for a higher loan amount.