Are you a Nigerian market woman who wants to grow your business and income? Do you need a loan that is easy to access, affordable, and flexible? If yes, then you should consider applying for the Iyaloja GEEP Loan, a scheme that offers you a non-interest loan of N50,000 from the federal government.
What is the Iyaloja GEEP Loan?
The Iyaloja GEEP Loan, also known as the Iyaloja Market Fund, 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.
In this article, we will explain everything you need to know about the Iyaloja GEEP Loan, such as:
- How to apply for the loan
- What are the requirements and eligibility criteria
- How to repay the loan
- What are the benefits and advantages of the loan
- What are the risks and challenges of the loan
- What are the frequently asked questions and answers on the loan
By the end of this article, you will have a clear understanding of the Iyaloja GEEP Loan and how you can use it to boost your business and income.
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 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.
Requirements and Eligibility Criteria for the Iyaloja GEEP Loan
To be eligible for the Iyaloja GEEP Loan, you need to meet the following requirements and criteria:
- You must be a Nigerian citizen and a resident of Nigeria.
- You must be a market woman who is engaged in buying and selling of goods or services in a market.
- You must be a registered member of NAMWMN, also known as Iyaloja. You can register by visiting the nearest market association office in your area or by contacting the national president of NAMWMN, Mrs. Folashade Tinubu-Ojo.
- You must have 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.
- You must have a bank account where the loan will be disbursed and repaid.
- You must have a valid means of identification, such as a national ID card, voter’s card, driver’s license, or international passport.
- You must have a passport photograph that shows your face clearly.
- You must have a functional phone number and email address that you can use to receive notifications and updates on the loan.
How to Repay the Iyaloja GEEP Loan
To repay the Iyaloja GEEP Loan, you need to follow these steps:
- Repay the loan in six monthly installments of N8,333.33 each, with a grace period of two weeks. The first installment is due one month after you receive the loan, and the last installment is due six months after you receive the loan.
- You can repay the loan through any of the following methods:
- Bank transfer: You can transfer the installment amount from your bank account to the Iyaloja GEEP Loan account, using the account number and name provided by your loan officer.
- USSD code: You can dial the USSD code 73750Amount777# from your phone, and follow the prompts to complete the payment. You will need to enter your BVN and PIN to confirm the transaction.
- Cash deposit: You can deposit the installment amount in cash at any bank branch or agent, using the teller number and name provided by your loan officer.
- You will receive a confirmation message via SMS or email after each repayment, showing your balance and the next due date.
- 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 and Advantages of the Iyaloja GEEP Loan
The Iyaloja GEEP Loan is a scheme that offers market women a non-interest loan of N50,000 to boost their businesses and income. Some of the benefits and advantages 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.
Risks and Challenges of the Iyaloja GEEP Loan
The Iyaloja GEEP Loan is a scheme that offers market women a non-interest loan of N50,000 to boost their businesses and income. However, there are some risks and challenges that may affect the success and sustainability of the scheme, such as:
- Default: Some market women may fail to repay the loan on time and in full, due to various reasons, such as low sales, high expenses, personal emergencies, or lack of discipline. This may affect the recovery rate and the availability of funds for other beneficiaries.
- Fraud: Some unscrupulous individuals or groups may try to exploit the scheme by posing as agents, officials, or beneficiaries, and demand money or personal information from unsuspecting market women. This may lead to loss of money, identity theft, or data breach.
- Inflation: The rising cost of living and the devaluation of the naira may reduce the purchasing power and the profitability of the market women, and make it harder for them to repay the loan and meet their needs.
- Competition: The increased availability of credit and the expansion of businesses may create more competition and saturation in the market, and affect the demand and supply of goods and services. This may reduce the income and margin of the market women, and make it harder for them to repay the loan and meet their needs.
Therefore, it is important for the market women to be aware of these risks and challenges, and take measures to mitigate them, such as:
- Repaying the loan
- Repaying the loan on time and in full, to avoid any negative consequences and to enjoy more benefits.
- Verifying the identity and authenticity of any person or organization that claims to be associated with the Iyaloja GEEP Loan, and reporting any suspicious or fraudulent activities to the authorities.
- Saving and investing wisely, to cope with inflation and diversify their income sources.
- Innovating and differentiating their products and services, to create more value and attract more customers.
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.
