The Government Enterprise & Empowerment Programme (GEEP) was launched in 2016 with the aim to offer interest and collateral free credit to the millions of Micro SMEs (MSMEs) operating at the bottom of the Nigerian economic pyramid. The program has leveraged on 3 loan products, so far, to support small to medium sized businesses. The programme’s current loan products are: MarketMoni
GEEP is beyond a social good. It is a matter of economic security. It is a direct effort of the Federal Government of Nigeria through the Bank of Industry to break a multi-decade jinx of economic growth without shared prosperity. MSMEs (predominantly informal microenterprises) contribute 76% of Nigeria’s GDP and 60% of labor. Yet 85% of these enterprises cite “access to finance” in their top three challenges, as only 0.4% of banking loans in 2017 were lent to this microenterprise segment. This segment is often-neglected by traditional banks unwilling or unable to handle scale and informality. They are the Nigerians for whom microcredit represents a complete turnaround in their businesses and livelihoods. With the power of biometrics, a BVN as digital collateral, mobile data capture, mobile wallets and a 4,000-strong agent network, GEEP has been able to properly target, document, profile, and deliver credit to 2.3 million people in this demographic. The program targets 20 million people by 2023. .
The program’s impact has been recognized globally and the program received the 2019 African Bankers’ Award for “Most Impactful Financial Inclusion program in Africa.”.