Mr Titus Okuroumu, an economist, on Wednesday said Federal Government’s plan to float the people’s money bank would unlock potentials in Small and Medium-sized Enterprises (SMEs).
Okuroumu, a former Director in the Central Bank of Nigeria (CBN), said this in an interview with the News Agency of Nigeria (NAN) in Lagos.
The economist said launching of such bank was profound, adding that it will revolutionarise their businesses. “With such entrepreneurship bank in place many budding businesses will be able to get credit with no collateral.
“Many SMEs across board will grow and move to new frontiers in businesses,’’ he said.
Okuroumu also commended the government for proposing such ideas for entrepreneurs, saying it will engender the people with the authorities.
“The initiatives is novel and should be encouraged, especially now that funds are needed to stimulate economic growth.If the entrepreneurship bank will be sustained over time, the contribution of the sector to GDP growth will be in two digit,’’ the economist said.
Okuroumu however urged government to put in adequate regulations in order to prevent the abuse of such scheme.
The Federal Government on Monday said it would float People’s Money Bank in the country next year. It added that the bank, when established, will have branches in all the states of the federation for traders and artisans to have access to credit facilities.
Vice President Yemi Osinbajo said this in Ilorin, Kwara capital, at the launch of ‘Tradermoni’ micro-credit scheme.
Osinbajo made the disclosure during a talk on a private radio station, Sobi FM Ilorin, after launching the programme at Ipata and some other markets in the town.