FG Remains Committed To Empowering 30 Million MSMEs With Interest-Free Loans, Says Osinbajo.
Vice President Yemi Osinbajo has said that the Federal Government remains committed to empowering over 30 million MSME’s in Nigeria with interest-free, collateral-free loans.
He also debunked reports that the TraderMoni scheme and other GEEP micro-credit products – a component of the Buhari administration’s Social Investment Programme, had been suspended.According to him, they are still very much in operation “So far, a target of 30,000 minimum beneficiaries per state has been achieved in majority of the 36 states and FCT since after the national and state polls.”
“Consequently, disbursements have continued to happen in the states; for instance, we have had over 28,000 disbursements across 10 states since after the elections. Our priority is ramping up these numbers in the balance of states before we move to phase two of the program after detailed reviews and structural enhancements for larger scale.
Mr Akande said, “that ministry is, in fact the oversighting Ministry of Bank of Industry, which is the deploying agency. The office of the Minister executes the GEEP program via the Bank of Industry. “Working with the Central Bank of Nigeria , and the Nigerian Interbank Settlement System , we successfully piloted the concept of the BVN as digital collateral; and we saw repayment go up significantly on the MarketMoni and FarmerMoni loans.
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