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GEEP: Driving Financial Inclusion at the “Bottom of the Pyramid”
July 5, 2019
FARMER
2
The challenges of microenterprise led to the creation of GEEP, the largest
public microcredit scheme in the world.
Targets
groups Market
women/tradersArtisans and
General EnterpriseEnterprising
Youth
Farmers and
agric. workers
Target 4.3 million
Drivers
▪ Unique Identification via BVN & biometrics▪ Working through accredited trade clusters,
market associations, and women coops.
▪ Driven heavily by technology for credit assessment,
disbursement, payback and M&E▪ Using four channels (aggregators, banks/MFIs, Vouchers,
Agent networks)
▪ A Social Intervention Fund set up to provide microcredit to up to 20 million Nigerian microenterprises
▪ Mandated by the Office of the Vice President; executed through the Bank of Industry.▪ Loans of N10,000, N20,000, N50,000, N100,000 and (for more sizeable micro enterprises) N300,000.
GEEP
Products
Rollout
Mandate▪ ALL 36 states and FCT | 774 LGAs
Government Enterprise & Empowerment Program (GEEP)
Petty
traders
Focused on
Traders, artisans
and enterprising
youth in
cooperatives
Focused on
farmers in
Structured farming
cooperatives
Focused on Petty
traders, for whom
BVN/ bank/
association req. are
a barrier
Milestones 50% to create at
least 1 new job
1.1 million
Each to create at
least 1 new job
850,000
….
850,000
50% to create at
least 1 new job
12.9 million
GEEP
GOVERNMENT AND FOCAL PERSONS
National Assembly, States, NSIO, MBPN
Regulatory; Budget Approval; Steering
ASSOCIATIONS AND BENEFICIARIES
Iyalojas; Trade Associations; Beneficiaries across the country
Target Audience; Sensitization; market access
BANK OF INDUSTRY
State Offices, I.C&A, Legal, Directorates
Approvals; advocacy; dissemination
CIVIL SOCIETY ORGANIZATIONS
Youth&Gender; Politics and Gender; Training and Development; Advocacy and Human Rights
Advocacy; Third Party Monitoring
THE ACADEMIA
Research Institutions;Universities; Professors
Think Tank; Research
THE ECOSYSTEM
Tech Startups; Venture Capitals; Accelerators & Incubators
Innovation advisory; Hackathons; potential vendors
SNAPSHOT OF GEEP STAKEHOLDER UNIVERSE
GEEP Program Stats
Inclusion• 1.62m Mobile Wallets• 319k Bank Accounts
Disbursements• N31bn Disbursed• 2.2 Million Beneficiaries
Demography• 52% Women Loans• 53% Youth Loans
(18 -34 years)
₦
(as at June 7, 2019)
Loan Disbursement Metrics
TARGETED 500,000 loans 2,000,000 loans
DISBURSED 330,711 loans 1,616,728 loans
TOTAL LOAN WORTH N15.1 Billion N 16.2 Billion
AVERAGE LOAN SIZE N 50,725.34 N 10,000.00
LOAN DELIVERY RATE(% of Targets)
66% 81%
Distribution By Loan Product (Loan Count)
17%
83%
MarketMoni TraderMoni
(as at June 7, 2019)
Loan Disbursement Metrics
Challenges Mitigants
▪ Ability to reach remote locations – rural areas & groups
▪ Hand-holding; time and labor intensive
▪ Targeting- Reaching the right beneficiaries
▪ Beneficiary perception – grants, vote buying…
▪ Leverage existing partnership structures –MFBs, Associations, Market/Cluster and State structures to reach beneficiaries
▪ Standardize processes and use Mobile Telephones & Technology to scale
▪ Engagements through accredited trade associations, clusters and markets
▪ Communication – Mass Market Media Strategy, Market and Stakeholder engagements
Customer Support
Data Analytics
Artificial Intelligence
GEEP: Technology Overview
Client /Product Setup System
• Project onboarding
• Product design
• Product configuration (all terms, requirements, restrictions)
• Product standardization
Agent Network MgtSystem
• Agent companies onboarding/KYC
• Setup of agent org structure/ hierarchy
• Agent onboarding (BVN, KYC) and training
• Agent approvals
Enumeration System + App
• Custom data collection
• Restrictions based on Client/Product setup
• Data deduplication via:Facial recog..
• Biometrics (10-printing)
• Multi-level of vetting (Workflow)
Whitelist® System
• Data warehousing
• Data auditing/cleansing
• Data analytics and presentation
• Data verification (algorithm/automation)
• Quality Assurance
• Custom views across clients and stakeholders
Disbursement/ Value Transfer Sys.
• Auto creation of bank account
• Auto creation of wallet
• Funds transfer
• Report generation
• Cashout support
Loan Management + Collections Sys.
• Core banking application
• Loan schedules and repayment accounting
• Collections middleware (everybody plugs in)
• Automated reconciliations
1 432 65
Middleware (API)
Database
NIBSS
BIOMETRIC AND SMILE ID
INTERSWITCH
CAC
BANKONE
Registration
GEEP 2.0: TECH ROADMAP
Examples of 3rd Party Technology Systems
BOI MED GEEPTechnology Systems
GEEP 2.0: STRUCTURE & SUSTAINABILITY
2 pronged strategy will continue to drive scale while achieving higher collection rate
Structured Lending
Sustainability First
1
2
GEEP 2.0
Value ChainsCooperatives & Trade Groups
Market ClustersYouth-Centric
Groups
Exam
ple
s
FMCG• Uniliver• TolaramAgriculture• Dangote Sugar
Out-Grower Scheme
• Plank Sellers Association
• Butchers Markets Association
• Etc
• Sabon -Gari• Ariaria• Mile 12• Etc
• NYSC• N-Power• Etc
Primary De-risking Mechanism
Beneficiary• BVN (digital collateral)
Group• 50%-75% guarantee (interest accruing T-bills, Post
Dated Checks, or other liquid assets)
Secondary De-risking Mechanism
Beneficiary• Individual guarantors
Group• Phased lending dependent on group
repayment