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The Federal Government has promised to offer an interest-free loan of up to N300,000 to N-power beneficiaries through GEEP initiative.
GEEP means Government Enterprise and Empowerment Program. It is a Federal Govt initiative to fund Micro, Small and Medium-scale businesses in Nigeria
What is Npower GEEP loan?
N-power GEEP loan is a free-interest loan given to outgoing N-power beneficiaries to enable them to start up a business or fund already existing businesses. The N-power GEEP loan was created to help the outgoing Batch A and B N-power beneficiaries sustain and to start up Micro, Small or Medium scale business.
According to Minister of Finance, Zainab Ahmed, N-Power beneficiaries will get GEEP Loan so they won’t go back to the street. So, GEEP loan will serve as their exit package.
To obtain GEEP loan through N-power, a beneficiary ought to pass a psychometric test.
Requirements to Access GEEP loan
- Applicants must have Bank Verification Number (BVN). If you have forgotten your BVN, see USSD code to check your BVN using any mobile phone.
Must have a registered business with Cooperate Affairs Commission (CAC).
- Applicant must belong to an accredited market association
- Association must show interest in market-moni by submitting its information to BOI which should include Certificate of registration.
If your association is eligible for marketmoni, agent will be sent to your group to capture your membership information for assessment.
Requirements for N-power GEEP loan
Government is likely to make it easier for N-power beneficiaries, so below are possible Npower requirements for GEEP loan;
- Bank Verification Number (BVN)
National Identity Number (NIN). See how to check your NIN using a mobile phone.
- Psychometric test, Npower beneficiaries are to undergo a psychometric test before the loan will be given to them.
How to apply for Npower GEEP loan
To get started, visit npvn.npower.gov.ng
Select program if your choice
Wait for further instructions from support team