The scheme,
which is one of the social intervention programmes of the Federal Government,
provides access to affordable micro credit to Nigerian micro business owners,
who hitherto were unable to access loans to grow their businesses.
Under this
partnership, Unity Bank will provide account opening services to qualified
beneficiaries of GEEP nationwide, and these individual bank accounts will serve
as channels for beneficiaries to receive loans disbursed by BoI.
Beneficiaries
will also make loan repayments through these bank accounts, while Unity Bank
will also provide bank verification number (BVN) registration services for
beneficiaries who require such, thereby increasing the financial inclusion in
Nigeria.
In a
statement from the bank, its participation in the scheme stems from the
strategic business objective of supporting Micro, Small & Medium
Enterprises (MSME) to access affordable funds.
The Chief
Executive Officer, Unity Bank Plc, Mrs.
Tomi Somefun, said the success of the partnership with BoI is a testament
to the fact that despite the difficulties of accessing credits by this segment
of the market. She added that the good knowledge and understanding of different
players in the market segments and ability to harness inherent opportunities
for their benefit has continued to differentiate the bank in line with its
strategic business focus on agriculture, retail/SME and rural economy.
According to
the Managing Director of Bank of Industry, Kayode
Pitan, the partnership with Unity Bank on GEEP will further enhance access
to financial services to qualified beneficiaries and support BOI’s mandate for
GEEP loans to reach 1.6 million beneficiaries nationwide.
Through
GEEP, MarketMoni loans will be disbursed to qualified Nigerians in key target
segments including market women and men, artisans and enterprise youths. The
programme is being executed by BoI in partnership with commercial and
microfinance banks, and other financial institutions in Nigeria.
As a
requirement, an applicant to the GEEP scheme is expected to belong to an
accredited market, trade association, or cooperative group, and must possess a
valid BVN and have a verifiable business location. (Guardian)
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