UPMFB'S Micro Credit Beneficiaries Advised To Use The Funds Wisely

UPMFB'S Micro Credit Beneficiaries Advised To Use The Funds Wisely

Micro credit fund beneficiaries of Umuchinemere Pro-credit Micro Finance Bank Enugu have "to use the facilities well and to repay promptly, so as to continue to receive more from the bank".

The bank's Head of Credit, Mr. Ikechukwu Ngene, gave this advice when he spoke to the bank's Head of Public/Media Relations unit of Umuchinemere Pro-credit Micro Finance Bank, Sir Abuchi Anueyiagu, on the performance of the bank in the first quarter of 2013, as it concerns funds disbursement.

In sustenance of its poverty eradication effort, the Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) gave out a total of ₦121, 369, 100 as micro credit fund to a total of 778 beneficiaries in the first quarter of this year 2013. The disbursed funds were meant to reduce the poverty level of the beneficiaries and improve their quality of life. Out of the 778 beneficiaries of the micro credit fund, a total of 444 were females, while the rest, 334, were males.

Ngene advised the ₦121.4m micro credit fund beneficiaries to ensure they used the funds meaningfully, for their own good in poverty reduction. Ngene said the fund was aimed at creating maximum wealth for the beneficiaries, hence he advised them to manage it with prudence and honesty. He had at an earlier forum, where he charged the bank's loan officials to always lend money to people of good character and conscience, told the bank's directors that the bank disbursed a total of ₦734,594,500 credit facilities in 2012.

UPMFB's Head of Finance and Accounts, Mrs. Bibbian Ofoje, said the bank's unaudited income for the year ended 2012 showed an increase by ₦149 million, attributable to increase in its various activities, which indicated a growth of the bank, comparative to 2011. Chairman of the bank and a Roman Catholic Prelate, Msgr. Obiora Ike, said the Umuchinemere Pro-credit Micro Finance Bank would not relent in its effort to improve the quality of lives of the poor within the Nigerian environment through micro financing.

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