AdvertisementFollowing the signing of a Memorandum of Understanding (MoU) between the Bank of Industry (BoI) and Unity Bank Plc in the execution of the Government Enterprise and Empowerment Programme (GEEP), a social intervention programmes of the Federal Government of Nigeria designed to 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. 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. Unity Bank will also provide BVN registration services for beneficiaries who require such, thereby increasing the financial inclusion in Nigeria.
The Bank’s participation in the laudable scheme stems from the strategic business objective of supporting Micro, Small & Medium Enterprises (MSME) to access affordable funding. Commenting on the Bank’s participation, the MD/CEO of Unity Bank Plc, Mrs. Tomi Somefun stated that the success of the partnership with BoI is testament to the fact that despite the difficulties of accessing credits by this segment of the market, 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 BOI, 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 & men, artisans and enterprise youths. The programme is being executed by BOI in partnership with Commercial Banks, 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 associations or cooperatives groups which must possess a valid BVN and have a verifiable business location.