The loans allocated in the last five years in Nigeria, no fewer than 1 per cent went to over 37 million Nigerians at the grassroots levels, bank of Industry (BOI) has said.

While speaking to newsmen on Government Enterprise and Empowerment Programme (GEEP), also part of Federal Government’s Social Protection Programme, the BOI’s Executive Director in charge of Micro, Small and Medium Enterprises (MSMEs), Toyin Adeniyi, said 1.5 million Nigerians have received loans under the GEEP.

The GEEP is applied through three key products: MarketMoni, TraderMoni and FarmerMoni.

Adeniyi said GEEP has two primary goals: access to finance and financial inclusion, both of which are recording successes.

On financial inclusion, she said 1.3 million Nigerians have entered into the formal financial system as new operator of bank accounts or mobile wallets.

“All GEEP loans are interest-free and there are stringent collateral requirements. GEEP are available to all Nigerians who qualify for the various products,” she said.