Iyaloja Fund: FG To Give N50,000 to 1.5 Million Nigerian Market Women | Here Is How to Benefit

Iyaloja Fund: FG To Give N50,000 to 1.5 Million Nigerian Market Women | Here Is How to Benefit

As a way of increasing the capital base of Nigerian market women, the Federal governement through the Minister of Humanitarian Affairs and Poverty Alleviation has announced a new zero-interest loan programme for 1.5 Million Nigerian women called Iyaloja Fund under the Government Enterprise and Empowerment Progamme(GEEP).

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What Is Iyaloja Fund?

Iyaloja Fund is a N75bn(Seventy Five Billion) market women fund aimed at giving 50,000 Naira to 1.5 Million Nigerian market Women at zero interest to help increase their capital base and increase their business performance.

The Iyaloja fund is expected to run in three phases with 500,000 persons scheduled to benefit from the first phase which commenced in October. The second and third phases will also have 500,000 beneficiaries to make up for the 1.5 million persons.

Read also: FG to Pay N25000 Monthly to 15 Million Nigerian Households

Who Can Benefit From This Fund?

According to the Minister of Humanitarian Affairs and Poverty Alleviation(Dr Betta Edu), this fund is targeted at poor market women who need more capital to increase their business.

Is Iyaloja Fund A Grant?

No, the Iyaloja Fund is not a grant rather, it is a no-interest loan which means all women who receive this fund will repay the loan within a stipulated time(the time frame for repayment will be announced as the loan commences).

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How to Benefit from The Loan

• To benefit from this loan, you must be a Nigerian market woman
• You must be willing to repay the loan within the stipulated time
• You must have a valid means of identification
• Your data must be on the National Social Register

Loan Application Requirements

To apply for this loan, you basically need only your NIN and other personal details.

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How to Apply for Iyaloja Fund

As of the time of writing this article, no official information has been made available regarding how to apply for the Iyaloja Fund. However, based on the visit of the Minister to the Minister of Information while seeking support for the promotion of the programme and request to ensure that the poorest of the poor are registered on the National Social Register, it is expected that the Rapid Response Register(RRR) USSD code option might be used or offline application method can also be adopted.

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Other Programmes from the Ministery of Humanitarian Affairs

The other programmes expected to commence soon under the same ministry include;

• Jaga Funds – Capital fund for traders
• Hugo Fund – Farmers’ Money

If you are yet to enrol on the National Social Register, you can use the RRR code of your state to register now. The USSD code works on all phones and works best on Airtel network. Click here to see the code for all states.

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