UPMFB Empowers 796 Persons with N247.72m Micro Credit

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In furtherance of its avowed objective to alleviate poverty in the society, the Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) has disbursed a total of N247, 719, 959 micro credit fund to a total of 796 active poor people in Enugu State in the first quarter of 2016.

The funds were to help the beneficiaries meet their financial needs, improve their quality of living and lift them out of poverty.

Details of the micro credit funds’ disbursements provided by the bank’s Head of Credit/Business Development, Mr. Ikechukwu Ngene, according to a statement, indicated that out of the N247, 719, 959 disbursement, a total of 306 females received a total amount of N169, 039, 459, while the balance of N78,680, 500 went to a total of 490 male beneficiaries.

Ngene regretted that the amount of funds disbursed by the bank in the first quarter of the year was below the bank’s budgeted figure for disbursement.

He attributed the cause of not meeting the bank’s target for disbursement in the first quarter of the year to “the current high cost of living that affected virtually all business activities in the country”, hoping however that the situation would improve in the second quarter of the year, “when the national budget would have gone into implementation and economic activities revived.”

Expressing optimism that there would be economic improvement in the country by the end of the year, the Umuchinemere Pro-credit Micro Finance Bank’s Credit/Business Development manager assured that the bank was focused and determined to achieve its projected target of fund disbursement to create jobs and empower many more people out of poverty by the end of 2016, expecting that the bank’s fortunes would also rise further this year.

Advising the micro credit facilities beneficiaries “to use the facilities well and to repay promptly, so as to continue to receive more from the bank”, Ngene said the facilities were aimed at creating maximum wealth for the beneficiaries, hence he advised them to manage it with prudence and honesty.

He reiterated an earlier charge to the bank’s loans officers to always lend money to people of good character and conscience.

Meanwhile, the Enugu State government has rated Umuchinemere Pro-credit Micro Finance Bank as the best among other microfinance banks in the State.
The rating came from the governor of the State, Rt. Hon. Ifeanyi Ugwuanyi who was represented by his Special Adviser on Micro, Small and Medium Scale Enterprises, Mr. Anayo Agu, on an occasion organized by the bank.

Venture Capital Summit Holds in June
The Venture Capital Advocacy Summit that is expected to facilitate the entrenchment of Venture Capital Culture in the country will hold between 28th and 30th June, 2016 in Lagos.

The Summit being organised by Alfe City Company Limited with the support of the Senate Committee on Trade and Investment and the House Committee on Commerce will feature the maiden introduction of the concept of venture capital and provide an opportunity for interaction with international experts and seasoned investors.

According to the Chief Executive Officer, Alfe City Company Limited, the organisers, Mr Soji Adeleye, to say that Nigeria needs a thorough re-engineering at the moment would be an understatement.

He added: “Venture Capitalism offers Nigeria and its universally acclaimed entrepreneurial people a new vehicle that could turn that creativity into economic power.”

He said the endorsement of the summit by the National Assembly was crucial as the entrenchment of the Venture Capital culture in Nigeria would require legislative underpinning to guarantee the safety of investment of investors.

Also, the Chairman Senate Committee on Trade and Investment, Senator Fatimat Raji Rasaki said: “We share the principle and objectives behind this very laudable program and commend it to all stakeholders across the country.
“We hereby convey our commitment to work with you and other stakeholders for the success of the summit and subsequently perform our legislative responsibility to ensure a successful entrenchment of venture capitalism culture in Nigeria.”

Similarly, the Chairman, House of Representatives Committee on Commerce, Rt Hon Sylvester Ogbaga said the committee considered the summit’s objectives as very laudable.

“I wish to therefore convey the decision of the committee to collaborate with Alfe City Company Limited in that regard,” he said.

On the participation of the state governments, the Alfe City boss said for the economic growth of a federation like Nigeria to be successful and sustainable, federating unit’s governments must be seen as caterers for the Oasis that must converge for the national economy to prosper.

“State governments must necessarily pursue economic policies that are conducive for private sector investment. Universities and Colleges of Technology environments must essentially be supported to breed entrepreneurs that could rely on venture capital to translate their inventions and creativity into economic power.”