Are you a market woman looking for a way to boost your business and increase your income? Do you want to access a non-interest loan of N50,000 from the federal government without any collateral or guarantor? If yes, then you should know about the Iyaloja GEEP Loan, a scheme that aims to empower and support market traders across Nigeria.
The Iyaloja GEEP Loan, also known as the Iyaloja Market Fund, is a rebranded version of the Government Enterprise and Empowerment Programme (GEEP), which is one of the social investment programmes of the federal government under the Ministry of Humanitarian Affairs and Poverty Alleviation. The scheme was launched on November 22, 2023, by the President Ahmed Bola Tinubu, the First Lady of Nigeria, and the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu.
The goal of this scheme is to reach a minimum of 1.5 million Nigerians nationwide. The N50,000 non-interest loan, which has been dubbed “The Iyaloja Market Fund,” will be granted to the first wave of market traders, who will be chosen from 109 marketplaces in each of Nigeria’s senatorial zones. The loan is repayable within six months, with a grace period of two weeks. The beneficiaries will also receive training and mentorship on financial literacy, business management, and digital skills.
What is the Iyaloja GEEP Loan?
The Iyaloja GEEP Loan is a loan scheme for market women in Nigeria, launched by the federal government under the Government Enterprise and Empowerment Programme (GEEP). GEEP is one of the social investment programmes of the federal government under the Ministry of Humanitarian Affairs and Poverty Alleviation, which aims to provide financial inclusion and empowerment to the poor and vulnerable segments of the society.
The Iyaloja GEEP Loan was launched on November 22, 2023, by the President Ahmed Bola Tinubu, the First Lady of Nigeria, and the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu. The scheme is a rebranded version of the TraderMoni and MarketMoni schemes, which were previously implemented by the federal government to support petty traders and artisans.
The Iyaloja GEEP Loan is designed to reach a minimum of 1.5 million Nigerians nationwide, with a focus on market women who are members of the National Association of Market Women and Men of Nigeria (NAMWMN), also known as Iyaloja. The loan amount is N50,000, which is repayable in six months, with a grace period of two weeks. The loan does not attract any interest or charges, and does not require any collateral or guarantor. The beneficiaries will also receive training and mentorship on financial literacy, business management, and digital skills.
The scheme is named after the Iyaloja, which is the title given to the leader of the market women in Nigeria. The Iyaloja is responsible for overseeing the affairs of the market, maintaining order and discipline, resolving disputes, and ensuring the welfare of the traders. The current national president of NAMWMN and the Iyaloja-General of Nigeria is Mrs. Folashade Tinubu-Ojo, who is also the daughter of the President.
How to Apply for the Iyaloja GEEP Loan?
To apply for the Iyaloja GEEP Loan, you need to follow these steps:
- Register as a member of the National Association of Market Women and Men of Nigeria (NAMWMN), also known as Iyaloja. You can do this by visiting the nearest market association office in your area or by contacting the national president of NAMWMN, Mrs. Folashade Tinubu-Ojo.
- Obtain a Bank Verification Number (BVN) from any commercial bank in Nigeria. This is a unique identification number that links your bank accounts and transactions. You will need to provide your BVN when applying for the loan.
- Fill and submit the online application form on the official website of the Iyaloja GEEP Loan, which is . You will need to provide your personal details, market information, business type, and bank account details. You will also need to upload a passport photograph and a valid means of identification, such as a national ID card, voter’s card, driver’s license, or international passport.
- Wait for the verification and approval of your application by the Iyaloja GEEP Loan team. You will receive a notification via SMS or email if your application is successful. You will also be assigned a loan officer who will guide you through the disbursement and repayment process.
- Receive the loan amount of N50,000 in your bank account within 24 hours of approval. You can use the loan to expand your business, buy more goods, or meet other needs.
- Repay the loan in six monthly installments of N8,333.33 each, with a grace period of two weeks. You can repay the loan through bank transfer, USSD code, or cash deposit. You will receive a confirmation message after each repayment. If you repay the loan on time and in full, you will be eligible for a higher loan amount of up to N100,000 in the next cycle.
Benefits of the Iyaloja GEEP Loan
The Iyaloja GEEP Loan is a great opportunity for market women to access affordable and accessible credit to grow their businesses and improve their livelihoods. Some of the benefits of the loan are:
- It is a non-interest loan, which means you do not have to pay any extra charges or fees on the loan amount. You only have to repay the principal amount of N50,000.
- It does not require any collateral or guarantor, which makes it easy and convenient for market women who may not have any assets or formal documents to secure a loan.
- It has a flexible repayment plan, which allows you to repay the loan in small and manageable installments over six months. You also have a grace period of two weeks to make your repayments without any penalty.
- It offers training and mentorship on financial literacy, business management, and digital skills, which will help you to manage your finances, grow your business, and leverage technology to access more opportunities and markets.
- It creates a network of market women who can support and learn from each other, share best practices, and collaborate on common issues and challenges.
- It empowers and uplifts market women, who are often marginalized and excluded from formal financial services, to become more self-reliant, productive, and prosperous.
FAQs on the Iyaloja GEEP Loan
Here are some of the frequently asked questions and answers on the Iyaloja GEEP Loan:
What is the Iyaloja GEEP Loan?
The Iyaloja GEEP Loan is a non-interest loan scheme for market women in Nigeria, launched by the federal government under the Government Enterprise and Empowerment Programme (GEEP). The loan amount is N50,000, repayable in six months, with a grace period of two weeks.
Who is eligible for the Iyaloja GEEP Loan?
The Iyaloja GEEP Loan is open to all market women who are members of the National Association of Market Women and Men of Nigeria (NAMWMN), also known as Iyaloja. The applicants must also have a Bank Verification Number (BVN) and a bank account.
How can I apply for the Iyaloja GEEP Loan?
You can apply for the Iyaloja GEEP Loan by filling and submitting the online application form on the official website of the scheme, which is . You will need to provide your personal details, market information, business type, and bank account details. You will also need to upload a passport photograph and a valid means of identification.
How long does it take to get the Iyaloja GEEP Loan?
It takes about 24 hours to get the Iyaloja GEEP Loan after your application is verified and approved by the Iyaloja GEEP Loan team. You will receive the loan amount of N50,000 in your bank account.
How do I repay the Iyaloja GEEP Loan?
You can repay the Iyaloja GEEP Loan in six monthly installments of N8,333.33 each, with a grace period of two weeks. You can repay the loan through bank transfer, USSD code, or cash deposit. You will receive a confirmation message after each repayment.
What happens if I default on the Iyaloja GEEP Loan?
If you default on the Iyaloja GEEP Loan, you will face some consequences, such as:
You will be blacklisted from accessing any other government loan or intervention programme in the future.
You will be reported to the credit bureau and your credit score will be affected negatively.
You will be liable to legal action and recovery measures by the Iyaloja GEEP Loan team.
Therefore, it is advisable to repay the loan on time and in full to avoid any negative consequences and to enjoy more benefits.
Conclusion
The Iyaloja GEEP Loan is a scheme that provides market women with a non-interest loan of N50,000 to boost their businesses and increase their income. The loan is easy to apply for and does not require any collateral or guarantor. The loan also comes with training and mentorship on financial literacy, business management, and digital skills. The loan is repayable in six months, with a grace period of two weeks. The scheme aims to empower and support market women across Nigeria to become more self-reliant, productive, and prosperous.
If you are a market woman who wants to take advantage of this opportunity, you should visit the official website of the Iyaloja GEEP Loan, which is , and fill the online application form. You can also contact the nearest market association office in your area or the national president of NAMWMN, Mrs. Folashade Tinubu-Ojo, for more information and guidance.
Do not miss this chance to access affordable and accessible credit from the federal government and grow your business and income. Apply for the Iyaloja GEEP Loan today and join the network of market women who are making a difference in their communities and the nation.