War Against Economic Recession: Umuchinemere Pro-Credit Micro Finance Bank Disburses ₦920.2Million In 2016

3,814 active poor people received ₦712.4m micro credit funds from Umuchinemere Microfinance Bank in 2015 in Enugu State

The Umuchinemere Pro-credit Micro Finance Bank (UPMFB) made a total funds disbursement of ₦1,141,937,000 in 2015, out of which was a total of ₦712.4million micro credit funds that were given to 3,814 active poor people while the rest was given as other loans.

This is contained in an unaudited management report of the bank provided the bank's Head of Credit, Mr. Ikechukwu Ngene.

In a Press Release by the bank's Head of Public/Media Relations Unit, Sir Abuchi Anueyiagu, the gender distribution of the facilities indicates that there were more male beneficiaries of the bank's micro credit funds than females in 2015. Of the total beneficiaries, 2,085 were males while the remaining 1,729 others were females.

In the previous year, there were also more male beneficiaries of such facilities than the females, as the male beneficiaries in 2014, for instance, were a total of 2,300, while the females were 1,986.

In 2014, the bank gave out a total micro loans of ₦659,700,000 but stepped it up by ₦52.7million in 2015.

And on the ₦220billion Federal Government's Micro, Small and Medium Entreprises (MSME) Special Development Fund in which it is also participating in its disbursement, in partnership with Enugu State Government, the Umuchinemere Pro-credit Micro Finance Bank disbursed a total of ₦180,740,000 to 548 beneficiaries in 2015.

Mr. Ngene expressed happiness that despite the hash economic condition of the present times the bank's credit beneficiaries were doing well.

He however advised the bank's loan beneficiaries to always ensure prudent use of the facilities on viable ventures and to avoid multiple borrowing because credibility matters a lot in borrowing.

Having achieved over 90 per cent of its loans projection in 2015, the bank has projected a total credits disbursement of ₦1.5billion in 2016.

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