UP-MFB Scores Another First, ... Manages Coal City Cabs Scheme

UP-MFB Scores Another First, ... Manages Coal City Cabs Scheme

The Umuchinemere Procredit Micro Finance Bank (UPMFB) Nigeria Limited has projected to earn a net profit of ₦145 Million this financial year.Information about this expectation of the bank came from the Managing Director, Mrs. Nnenna Maria Ekete, when she spoke to The Listener on the plan of the financial institution for 2009.

She said in response to a question, "Our projection in terms of profit making for the year is to be within the minimum of a total of ₦145 million".As part of the structures being put in place to accomplish this desire, she said the bank planed to open a minimum of 15 offices outside its main office in its third year of operation as a micro finance bank.

According to her, the bank already has 11 offices outside the main office and has a workforce of 74 members of staff and 30 out-sourced persons, expecting a 100 percent increase of the figures by the time the projected new branches are in place.Mrs. Ekete told the journal that the bank currently recorded about 47,000 clients, hoping to hit a 60,000 mark before the year runs out.

She said, with government's cordial relationship with the bank it would win more government workers. was currently making arrangements to link up all its formations together through an easily accessible and efficient Information and Communication Technology (ICT) network system.

The Managing Director was full of commendation to the Enugu State Government for its wise decision in going into partnership with the bank in the management of the government's poverty reduction programme in the area of transportation, otherwise called: 'Coal City Cabs' scheme.

Working to build the best bank out of UPMFB in terms of maintenance of ethical standards, solvency, prudence, improvement of the well being of the people, staff welfare and condition of service, etc, Mrs. Ekete said before the federal government policy of 2005 for establishment of micro financing institutions, Umuchinemere bank has been in microfinance since 2001.

She said because of the experience the bank gathered from the best places within and outside Nigeria in microfinancing, it was better placed in micro finance business and management.

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