THE Bank of Industry says it has the records of all the beneficiaries of the federal government’s social investment programmes in Kwara State.
“We would like to state that the fully digitized loan records and biodata of all 2,418,936 GEEP beneficiaries are electronically stored in a central database. The data can be viewed at the GEEP Command Center of the Bank of Industry which is open to the public,” the bank said of the loan programme for small scale businesses.
In a statement signed by its management, the bank said the programme relies heavily on technology to deliver its three loan products; namely TraderMoni, MarketMoni and FarmerMoni.
The bank said this in response to a publication questioning the existence of records of beneficiaries of the TraderMoni scheme.
According to the statement, the claim in the publication that those that disbursed the money do not have records of beneficiaries like phone numbers and addresses, thus, making it difficult to track them for repayment is false.
It further observed that all National Social Investment Programme (NSIP) focal persons in all states of the federation, after necessary approvals, have been proactively furnished with all information regarding GEEP beneficiaries, as a matter of practice. This includes beneficiary names, phone numbers, and business location.
The programme relies heavily on technology to deliver its three loan products; namely TraderMoni, MarketMoni and FarmerMoni.
GEEP agents nationwide, according to the BOI, are equipped with a proprietary mobile application that enables the full registration and capture of up to 43 unique data points of every single applicant e.g. biodata, contact information, information on the market, nature of trade, GPS coordinate of the trade point, picture of the beneficiary and beneficiary’s trade, association member and all other data that enables identification and credit assessment.
It Further clarified that data on every captured beneficiary is delivered to the Bank of Industry in real time to enable verification, appraisals and credit assessment. All submitted beneficiary data go through several points of verification to ensure validity of the registration process.
“It is only when this data is verified that applicants are able to receive loans. Consequently, every loan given out on the programme can be traced to a beneficiary involved in a known trade, at a known location, within a known market association, cooperative or farming cluster. Due to data privacy restrictions, we are unable to publish personally identifiable customer information of the Bank of Industry.
Widespread repayment options for GEEP Beneficiaries and automatic qualification for higher loans after repayment.
“GEEP makes it easy for beneficiaries to repay the loans. The loan repayments are broken down into small manageable amounts payable weekly. In addition, GEEP beneficiaries are able to repay their loans through multiple channels. They can walk into any bank in the country and make repayments the same way they make utility bill payments.”
GEEP also developed repayment scratch-cards for beneficiaries much farther away from banks. Beneficiaries purchase the cards in their local communities and load them as they would a telco recharge card. When beneficiaries pay back the loan according to the repayment schedule, they automatically qualify for a higher loan,” the statement explained.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
TOUGH POLICIES: IMF, World Bank Take Over Nigeria’s Economy •More Pains Ahead For Nigerians
ALTHOUGH this seems a difficult period for Nigerians, Sunday Tribune investigations have, however, revealed that it could actually be a signal to the beginning of more unbearable pains in the form of economic policies as the Federal Government continues to implement the stringent conditions of its international creditors…
What I See Around The Villa — Primate Ayodele
In this interview by KEHINDE OYETIMI, founder of Inri Evangelical Spiritual Church, Lagos, Primate Ayodele speaks on both global and local issues…
High Cost Of Fuel, Electricity Will Ruin Our Lives — Market Leaders, Business Owners Lament
CONDEMNATION of the hike in petroleum products and electricity went notches higher at the weekend as more Nigerians flayed the decision of the Federal Government to take such a decision not minding the fatal blow dealt the economy by the coronavirus pandemic…
No Govt Has Raped Nigeria Like Buhari’s — Labour Leaders
WITH last week’s increase in the pump price of fuel, the organised labour has warned President Muhammadu Buhari against pushing Nigerians to the wall, saying no government has raped the country like the current administration. The labour leaders, in separate interviews with Sunday Tribune, said Buhari has lost touch…
P&ID $10B Scandal: How Govt Officials Frustrated Nigeria’s Case — Shasore
FORMER Lagos State Attorney-General (AG) and Commissioner for Justice, Olasupo Shasore, a Senior Advocate of Nigeria, at the weekend opened up on the salacious scandal trailing the controversial contract crisis between Nigeria and an offshore Shell company, Process and Industrial Development Limited…
What Caused My Rift With Oshiomhole — Obaseki
THE Edo State governor and candidate of the Peoples Democratic Party (PDP), Mr. Godwin Obaseki, has said that one of the reasons his predecessor, Adams Oshiomhole is against his re-election bid is his reversal of the sale of Edaiken Market, which Oshiomhole sold to his friends…
“You don't need to stay on the road to board a bus or taxi, you…
"We have constructed 47 boreholes, providing clean water access to 40 communities of over 15,000…
"Through this partnership, Lagos State has further positioned itself as a leading gateway for Commonwealth…
Stakeholders in the fire management sector in Bauchi State have been engaged in discussions on…
President Bola Tinubu, former President Goodluck Jonathan, his wife Dame Patience, Senate President Senator Godswill…
The Nigerian stock market ended Tuesday’s trading session on a bullish note, with the All-Share…
This website uses cookies.