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.
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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 start up Micro, Small or Medium scale businesses.
According to Minister of Finance, Zainab Ahmed, N-Power beneficiaries will get GEEP Loan so they won’t go back to the street. So, a GEEP loan will serve as their exit package.
To obtain a GEEP loan through N-power, a beneficiary ought to pass a psychometric test.
The 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 a Certificate of registration.
If your association is eligible for marketmoni, an agent will be sent to your group to capture your membership information for assessment.
The Requirements for N-power GEEP loan
Government is likely to make it easier for N-power beneficiaries, so below are possible Npower requirements for a 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.
Step to apply for Npower GEEP loan
To get started, visit npvn.npower.gov.ng
Select a program of your choice
Wait for further instructions from the support team