COVID-19: 2020 FG GEEP free interest Loan through Mobile Wallet

Federal Government Nigeria promised to disburse free interest loan to Farmers, Petty Traders and small scale business due to COVID-19 outbreak.

This directives is been carried out through the Honourable Minister of Humanitarian Affairs, Disaster Management and Social Development on new Federal Government GEEP Free Interest Loan to enable those who have not benefited from the federal government loan to apply or register.

The Minister of Humanitarian Affairs, actually felt for all Nigerians especially petty traders and artisans over this corona virus pandemic or COVID-19.

Beneficiaries benefiting from this loan and the previous beneficiaries will enjoy the 3-month Moratorium directed by President Muhammadu Buhari.

Registration Date/Process for Federal Government GEEP free interest Loan

Next few weeks, Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development will disburse 100,000 interest-free loans to petty traders’ mobile wallets, with emphasis on lockdown states. A subsequent expansion follows to 500,000 nationwide. Focus is on waiting traders in the GEEP data backlog.

Federal Government Free interest Loan Schemes Online

FarmerMoni Loan

FarmerMoni is a Government Enterprise and Empowerment Programme (GEEP) Initiative created to boost the Nigerian economy through leverage and access to finance for farmers.

Under the scheme, beneficiaries can get access to a higher facility ranging from N300,000 to N2,000,000 when they repay within the stipulated time period. The scheme is to provide 1.66 million micro lending for businesses at the bottom of the financial pyramid-traders, women cooperatives and market women; enterprising youth, farmers and agricultural workers, no collateral or interest element.

TraderMoni

TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises. The scheme operates under Bank of Industry (BoI), the scheme is designed to help petty traders expand their trade through the provision of collateral free loans of N10,000. The loans are repayable within a period of six months.

Under the scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N50,000 when they repay N10,000 within the stipulated time period.

MarketMoni

MarketMoni is a Government Enterprise and Empowerment Programme (GEEP) created to provide financial aid for the under-banked and unbanked. This objective is being achieved by providing easy and quick loans at no interest rate besides a five per cent (5%) administrative fee.

Beneficiaries receive loans ranging from N10,000 to N100,000 per applicant for as long as 6 months. MarketMoni attracts no interest except a one-time 5% administrative fee.

Application Process for 2020 FG GEEP free interest Loan

Apply here http://www.boi.ng/

  • There will be agents nationwide. Locate any agent to apply
  • After verification, the money will be sent to your wallet
  • From your wallet, you can transfer it to your bank account
  • To have access for more loans, pay the one you were given and collect a higher one.

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