FG targets People’s Money Bank

Posted by Grand News | 8 December 2018 | 489 times

Yemi Osibanjo with traders in Lagos recently.

The Federal Government is hoping to float a bank, known as People’s Money Bank in the country next year.

Vice President, Yemi Osibanjo made this known on Friday in Ilorin, Kwara State capital at the launch of ‘Tradermoni’ micro-credit scheme.

He noted that, bank, when established, will have branches in all the states of the federation for traders and artisans to have access to credit facilities.

Prof Osinbajo made the disclosure during a talk in a private radio station, Sobi FM Ilorin, after launching the programme at Ipata and some other markets in the town.

He said that there is no politics involved in the administration’s ‘Tradermoni’ micro-credit scheme.

The Vice President said the government considered petty traders for the programme because it is always difficult for them to access bank loan because of the belief that they would hardly refund.

He said though there was no collateral for the loan, refund may not be difficult with the design that a beneficiary who refunds will receive bigger one.

He explained that beneficiaries at the start are given N10,000 while after refund they receive N15,000 with the progression to continue up till N50,000.

He denied that the micro credit was being given to only members of the APC, saying that beneficiaries are not considered on account of party affiliations but on merit.

The Nation

Source: Grand News

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