Access Bank partners with Nigerian govt to implement loans for farmers and SMEs

Access Bank Plc has partnered with the Nigerian Ministry of Humanitarian Affairs, Disaster Management and Social Development to implement a loan scheme for poor farmers aged 18-55 and other vulnerable groups.

The bank’s Group Head, Emerging Business, Mr Ayodele Olojede, said this in a statement on Thursday in Lagos.

Olojede said that the initiative called the Government Empowerment and Enterprises Program (GEEP 2.0) will be implemented in all 36 states and the Federal Capital Territory.

GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and give access to credit to poor and vulnerable people, including people with disabilities.

The government designed the scheme for people at the bottom of the economic pyramid who are engaged in small-scale business activities under its three main schemes: FarmerMoni, MarketMoni and TraderMoni.

According to Olojede, FarmerMoni is for Nigerian farmers between the ages of 18 and 55 in rural areas operating in the agricultural space.

“Loans of up to N300,000 are given to them for profitable agricultural production and value-added activities. This scheme has 12 months, including a three-month moratorium and a nine-month repayment period.

“Tradermoni aims to help disadvantaged and marginalized youth aged 18-40 in Nigeria by providing loans of N50,000, while MarketMoni targets disadvantaged and marginalized women aged 18-55, including widows and divorcees.

“They get interest-free loans of N50,000 payable within six to nine months,” he said.

Olojede pointed out that the bank remains committed to the growth and development of Micro, Small and Medium Enterprises (MSMEs) to boost the country’s Gross Domestic Product and employment.

“Our partnership with the Federal Government to implement GEEP 2.0 in all 36 states and the Federal Capital Territory is part of our commitment to address the number one issue facing small business owners.

“With the deployment of the GEEP 2.0 loan program, special accounts will be opened for all beneficiaries for loan disbursement.

“All recipients are expected to complete physical enumeration at their various local governments and an Access Bank account opening form prior to disbursement,” Olojede said.

He added that all qualified recipients would receive their disbursement alerts after the full enumeration. (NAN)