No fewer than 44,000 persons in Delta State are to benefit from the Federal Government Empowerment and Enterprises Programme (GEEP), an intervention programme that aims at giving loan between N10,000 and N100,000 to traders, enterprising youths, artisans and farmers.
Already, the programme has kicked off with traders in the state with vegetable farmers being the most favoured.
Federal Government Focal person in Delta State, Shimite Bello, announced this at a press conference in Asaba, in conjunction with Bank of Industry (BoI), D2RS, and Sterling Bank on the theme “Enlightening Deltans on GEEP,” an event meant to prepare Deltans to play major role in the programme, understand what the programme meant and what they need to do and the parties involved.
According to Bello, “The amount of people we are supposed to be empowering within this window is 44,000 Deltans.”
She however said the state has aggregated about 46,000 Deltans already but assured that nobody would be turned back from the opportunity to register. “We have stopped receiving applications. So, we are already collating the applications of those who made it before the deadline and we are already at 46,000”, she said.
Highlighting on the programme, Bello said that vegetable farmers were the most favoured: “Because of the length of time of the loan, people that have to farm products that require more than six months are not really encouraged in the GEEP. “So, vegetable farmers are number one beneficiaries: tomatoes, pepper, herbs, things that within six months you can grow, sell and repay the money”, she explained.
Bello who is the Executive Secretary of the Delta State Micro, Small and Medium Enterprises (DEMSMA), said the agency had been instructed by the federal government to collect Bank Verification Number (BVN) from the people that would benefit from the loan, adding that the loan would be given at five percent flat charge at disbursement with zero interest.
She recalled that the agency had highlighted the N-POWER Programme currently on screening stage across the 25 local government areas; the Home Grown School Feeding Programme which all screenings have been concluded across the LGs and now the posting; then meeting held with the LG chairmen for cash transfer in line with the FG’s directive on the E-Bursary Programme. and now the GEEP. She advised Deltans to queue in and maintain their excellent position as they had done in the past.
Contributing, regional business head of Sterling Bank, Charles Obukoye, described Delta State as a champion when it comes to micro businesses, hence the bank was in partnership with the state on the GEEP to make sure the programme works. He disclosed that the bank has immediately deploying two of its robust platforms – the agent banking and the kia-kia platforms to bring banking services to the lowest level of the pyramid to ensure there is financial inclusion and access to the funding which he said was the thrust of the GEEP.
Christopher Omondiagbe, a representative of the Bank of Industry, recalled that the bank in collaboration with the federal government sometime ago came out with the programme to basically cater for the financially excluded entrepreneurs within the community.
He emphasised on the bank’s competence and capabilities, adding that with its staff, it would deploy technology because 1.6 million entrepreneurs were targeted across the country.
He said the bank decided to partner with other organizations because it cannot do the work alone, hence it looks for focal persons in all states, and DEMSMA in Delta State.
He said that with Delta’s track record, the partnership would work and facility to be given out recovered since it is a revolving fund. He further explained that the four categories mentioned in the programme have different funding structures and because of that, the bank decided to come up with different funding products.
“For now, we’ve been able to come out with one that would cater for market traders which we called market money. So, that is what is currently in operational. Though it is still at pilot stage, we hope to get there very soon. After that, in no distant time, we should be able to come out with products that will market others”, he stressed.
Managing Director of D2RS, Olufemi Orioke, noted that there would always be an intervention fund from CBN through all the years but that the informal sector which is the hub of the economy does not benefit because they are scattered as individuals. He said the D2RS ensures there is a social register for them to be identified as cooperatives and associations so that the monies could get into their hands.
