People Money, Entrepreneurship banks soon: Osinbajo
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we have observed that nobody wants to give these traders credit because lenders believe they wont pay back1 to boost small and medium scale enterprisessmes vice president yemi osinbajo says the federal government will soon establish people money and entrepreneurship banks1 the news agency of nigerianan reports that the initiative is a federal government intervention programme for petty traders under the government enterprise and empowerment programmegeep1 as part of efforts to institutionalise the social investment scheme process this administration will soon establish the people money bank and along the line entrepreneurship bank he said1 the vice president said the initiative was part of the apc agenda adding that the people money bank would be devoted to giving credit to ordinary people1 osinbajo said the federal government was committed to empowering traders toward improving the prospects of small and medium scale enterprisessmes1 he said that no fewer than one million traders had already benefitted from the trader moni1 the first phase of the trader moni was targeted at two million petty traders across the country but over a million have today benefitted from the scheme1 osinbajo disclosed this while speaking with newsmen during a visit to bodija and oje markets in ibadan on thursday to monitor the trader moni initiative1 the market traders represented the most significant percentage of those who engage in commercial activities1 both the trader moni and market moni scheme seeks to address that large population or persons involved in commercial activities who usually dont have access to credit he said1 some of the traders who spoke to nan at the markets lauded the initiative of the federal government1 mr saliu delesolu the babaloja of oje market lauded the federal government for initiating the programme saying it would enhance petty trading1 this is the first time a government in this country will be extending credit facility to petty traders. we appreciate this and thank president muhammadu buhari for this1 we assure our members that the money would go round. not everybody could benefit from it at once but we have been assured that the programme will be institutionalised he said1 mrs olajumoke ajao a petty trader also corroborated delesolus claim saying the government must be commended for the gesture1