Vice President Yemi Osinbajo says the Federal Government will soon establish People Money and Entrepreneurship Banks.
This, he said, was aimed at boosting Small and Medium Scale Enterprises in the country.
“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 said.
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 Nigerians.
Osinbajo said the Federal Government was committed to empowering traders towards improving the prospects of Small and Medium Scale Enterprises.
Some of the traders who spoke to NAN at the markets lauded the initiative of the Federal Government.
Mr Saliu Delesolu, the Babaloja of Oje market, lauded the Federal Government for initiating the programme, saying it would enhance petty trading.
“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 this.
Mrs. Olajumoke Ajao, a petty trader, also corroborated Delesolu’s claim, saying the government must be commended for the gesture.