Micro Finance Bank Disburses N700million to 2,933 Persons

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  • Micro Finance Bank Disburses N700million to 2,933 Persons

Pursuant to the advancement of its objective of fighting poverty in the society, the Enugu- based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) said it disbursed a total of N700 million to 2,933 persons in Enugu State between January and September 2016.

The bank projected that the figure would hit above N1 billion by the end of the year.

According to a statement, among the beneficiaries were 1,175 females and they received approximately a total of N400 million, while the rest 1,758 were males and they received N 300million of the N700 million.

The funds were meant to help the beneficiaries meet their financial needs to improve their quality of lives and lift themselves out of poverty by their using the funds on business enterprises and other meaningful income generating ventures.

According to the bank’s Head of Credit, Mr. Charles Udeani, “the disbursement in the first three quarters of the year was less than that of the corresponding period of the previous year while the number of beneficiaries was higher than that of last year.”

Available information indicated that there were more male beneficiaries (1,758) in the current year’s disbursement than females (1,175), just as was a similar case the previous year.

Udeani said the bank exercised more caution while lending in the present circumstance, explaining that the country’s present economic recession affected the bank’s credit activities in the period under review.

The Umuchinemere Pro-credit Micro Finance Bank’s Credit manager reiterated his earlier statement that the bank was focused and determined to achieve its projected target of fund (above one billion naira) disbursement for the year to sustain the anti poverty war.

He implored the fund’s beneficiaries to ensure prompt repayment of the facilities.

Since its inception 21 years ago Umuchinemere Pro-credit Micro Finance Bank has been touching millions of lives year in year out, especially the less privileged ones, meeting their basic financial and sustaining its avowed anti-poverty struggle.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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