UPMFB Disburses N565.6m to Customers in Six Months 

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The Umuchinemere Pro-credit Micro Finance Bank disbursed a total of N565,584,457 to 2,503 active poor people in the first half of 2019.

This was an improvement from the N451,182,305 it disbursed to 2,114 active poor persons same period last year. 

According to a statement, of the beneficiaries, a total of 1,459 were male and they had the sum of N265,012,457, while the balance of N300,572,000 went to female, as against the N257,045,905 to 1,305 males in 2018. 

The volume of loans disbursed, compared to last year, increased by N114,402,152, from N451,182,305 to N565,584,457, while the number of beneficiaries rose by 389, from 2,114 in 2018 to 2,503 in 2019 respectively. 

The bank’s head of Credit, Mr. Charles Udeani, who provided the information in his mid-year analysis of the performance of the bank in funds disbursement to its teeming active poor customers, said UPMFB was maintaining a steady stride in progress and in collaborating with government to fight poverty and improve the well-being of the active poor people in the society. 

However, worried by the unyielding condition of widespread hunger in the land, the UPMFB, a bank established by the Roman Catholic diocese of Enugu to eradicate poverty through what the church calls economic evangelisation and economic emancipation of the poor, has thrown its weight behind government’s agriculture revolution policy and programme for self-sufficiency in food production locally in the country as it granted N50 million credit facilities to 209 small scale farmers in the period under review. The move was to encourage and boost farming in Enugu State in the first half of 2019.

According to Udeani, “the bank is certainly doing well in the federal government’s agriculture credit guarantee scheme, as evidenced in the amount of loan, N50 million, as a microfinance bank granted to small scale farmers in the agric sector of the economy.”