BoI recognised for financial inclusion programmes
The Federal Government’s Enterprise and Empowerment Programme (GEEP), which is executed through the Bank of Industry has been recognised as the most impactful financial inclusion programme in Africa.
The Bank of Industry was given the award at the African Bankers’ Awards ceremony which held in Malabo, Equatorial Guinea recently, for its role in implementing GEEP, which includes the TraderMoni programme.
The awards featured financial institutions and projects from all 54 countries in Africa, as well as the international community.
The award was in recognition of the Bank’s successful efforts “in delivering financial products and services to wider parts of society, particularly to the most disadvantaged and low-income segments, ultimately contributing to financial inclusion, development and growth”.
It will be recalled that the Bank facilitated the disbursement of ₦30.3 billion to 1,804,154 beneficiaries under the Federal Government’s (FG’s) Social Intervention Programme – Government Enterprise & Empowerment Programme (GEEP), which is targeted at informal businesses at the Bottom of the Pyramid.
The African Banker Awards are designed to recognise the reforms, rapid modernisation, consolidation, integration and expansion of Africa’s banking and financial system.
GEEP, which commenced in 2016, has empowered over two million micro-enterprises with collateral-free, interest-free loans to grow their businesses, making it the largest government-led microcredit programme globally.
The vast majority of these micro-enterprises are petty traders, merchants, enterprising youth, and agricultural workers in over 1600 clusters and markets across all 36 states of Nigeria, and the federal capital.