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Umuchinemere Pro-Credit Micro Finance Bank Disburses N406m To 1,961 Poor People In 1st Half Of 2013

In keeping to its resolve to sustain the church's determined efforts to eradicate poverty in the society, through what the church calls economic evangelization, the Roman Catholic diocese of Enugu -owned Umuchinemere Pro-credit Micro Finance Bank (UPMFB) has given a total of N405,656,100 micro credit funds to a total of 1,961 poor persons within Enugu diocese's territory in the first six months of the present financial year 2013, while it posted approximately a 205 percent growth in profit in the period.

A press release from the bank, signed by its head of Public/Media Relations, Sir Abuchi Anueyiagu, quoted an interim management report provided by the bank's acting head of Credit, Mr. Odinaka Okeke, and the head of Finance and Accounts, Mrs. Bibbian Ofoje, as indicating that the bank recorded a total of N405, 656, 100 micro credit fund mobilisation to a total of 1,961 poor persons within the Enugu diocese of the Catholic church, between January and June ended 2013, covering seven out of Enugu states total number of 17 local government areas. Mr. Okeke said the bank met its fund mobilisation target for the period under review, as among the micro credit funds beneficiaries were a total of 1,059 females and 902 males.

On growth, available information from the Umuchinemere Pro-credit Micro Finance Bank showed that the bank recorded a profit before tax of N58.2 million or a 204.6 percent cumulative growth in the first six months of 2013, which according to the bank's managing director, Mrs. Nnenna Maria Ekete, is comparatively lower than the almost N75million profit the bank recorded within a similar period of January - June in 2012. The managing director explained that even though UPMFB is actually and encouragingly growing, "We have not done well comparatively as we did last year in terms of profit making in similar period of measurement. Between January and June 2012, we recorded a profit of almost N75m, but this year it is N58m within the same period."

Ekete adduced the reason for the lower profitability this year than that of last year to increase in the bank's administrative cost and most of the other indices of measurement, lamenting that for instance, the bank spent more of its hard earned resources on purchase of diesel to power its private electricity generating set, unlike the power supply situation was last year, as the bank has been operating on the average of N32,000 every two days on purchase of diesel, since electricity supply from the Power Holding Company of Nigeria (PHCN) has been very poor since the beginning of the year.

She cited governments multiple and heavy taxations, as well as the UPMFB's new investments that are yet to start yielding profits as another indices that accounted for the lower profit of Umuchinemere Pro-credit Micro Finance Bank in the first six months of 2013. However, despite these odds, the bank's client level has been on the increase, and is projected to hit a 15 percent increase by the end of the year, as it is fast extending its operations to the rural areas of Enugu state, such as Umumba Ndi Agu, Oji River, Umanaa Ndi Agu, Akpugo, Ugwogo Nike, Ozala, etc, to economically empower the grassroots out of poverty and meet government's millennium development goal of poverty eradication.

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