Micro credits adding up to N5 billion will be disbursed to 500,000 traders in Nigeria in few weeks as government’s financial response against the impact of the COVID-19 pandemic on small businesses in the country.
The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development said through a statement that the scheme would be executed via the Government Enterprise and Empowerment Programme, which had been launched.
The programme would engage the social welfare packages – Tradermoni, Marketmoni and Farmermoni – in achieving this purpose.
The ministry disclosed that 100,000 beneficiaries had already accessed their loans through the Bank of Industry.
“GEEP is a completely digitised programme where all eligible traders are captured into a database, verified via phone and facial recognition technology, and receive disbursements in mobile wallets.
“Over the next few weeks, a total of N5bn is expected to be disbursed through GEEP, reaching up to 500,000 petty traders nationwide.
“With several states going on lockdown, petty traders and micro enterprises are hit the hardest as they live on daily incomes from trade.
“These loans are to cushion the income losses, while also enabling these traders to serve their communities with essential items like food, hygiene products, and domestic supplies. The first phase of 100,000 loans has kicked off,” the document reads
The ministry noted that disbursement had been made in the Obalende Local Council Development Area Community Market in Lagos.
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