UPMFB Disburses N920.2 Million

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The Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) owned by the Catholic diocese of Enugu said it made a total disbursement of N920,150,162 to a total of 4,145 poor individuals and groups in 2016. This, exceeded its micro loans target for the year by N82,634,794.

In a statement, UPMFB’s Head of Credit, Mr. Charles Udeani, said that out of the N920.2million disbursed, a total of 1,703 female beneficiaries received N500.4million while a total of 2,442 male beneficiaries received the remaining amount of N419.8million. Udeani further explained that out of the total disbursement, the sum of N204,586,048 went to 981 rural dwellers spread across many local government areas in Enugu State.

The bank’s Head of Credit said the bank disbursed N523,757,434 of the N920.2m to 3,944 active poor persons, as micro loans, exceeding its target for micro loans disbursement in 2016 by N82,634794. Umuchinemere Pro-credit Micro Finance Bank’s micro loan disbursement target for 2016 was N441,122,640.

A total of 2,333 active poor male beneficiaries received the sum of N272,858,256 of the micro loans, while 1,611 active poor female beneficiaries got the sum of N250,899,178 of the micro loans in the year ended.

To step up its action of extending the federal government’s financial inclusion policy to the unbanked people, especially active poor people in the rural areas, the Umuchinemere Pro-credit Micro Finance Bank said it also embarked on vigorous sensitisation of members of the public across all its areas of operation, in addition to its introduction of new products and rendering of financial services that meet the contemporary times needs of the active poor people for their up lift out of poverty.

They included the leasing of micro, small, and even medium scale enterprises equipment of different types and sizes to promote and encourage entrepreneurship and poverty alleviation, as well as steady extension of its operations to the rural areas.