The National Social Empowerment scheme in Nigeria is a grand attempt to provide microfinance and complementary economic services through social Empowerment systems. The objective of this programme is to provide small loans and grants to small-scale traders, students, youths or artisans, groups that usually cannot access loans or credit through banks and traditional financial institutions.
It was created to provide zero-collateral soft loans and grants to individuals, traders, artisans and farmers, aiming to improve their standards of living by expanding their businesses.
- The NSEIP is targeted at benefitting a minimum of 500,000 Micro, small and medium enterprises on its first run.
- The program was designed to fund the smallest of these MSMEs, who rarely have the means to access credit from banks or other traditional means.
- This procedure reduced inaccessibility to the credit to the barest minimum.
- Government issued ID.
- National Identification Number.
- Applicant must be withing the age of 18-55.
- Applicant must be a resident of Nigeria.
- Applicant must possess a functional commercial bank account in Nigeria.
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