Umuchinemere Bank disburses a total of ₦532.3m micro credit funds to 3,590 beneficiaries in the first half of 2014

Umuchinemere Bank disburses a total of ₦532.3m micro credit funds to 3,590 beneficiaries in the first half of 2014

Pursuant to its set goal of poverty eradication in the society through what the Church calls economic evangelization, the Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB), owned by the Roman Catholic Diocese of Enugu, has disbursed a total micro credit fund of ₦532,252,750 to needy low and middle income earners in Enugu state within the first six months of 2014 ended June 30, 2014.

The funds, given to a total of 3,590 beneficiaries, were aimed at improving the quality of life of the beneficiaries, through what the Church's economic evangelization programme.

Details of the micro credit funds' disbursements from UPMFB's head of Credit, Mr. Odinaka Okeke, and contained in a press release issued by the head of Public/Media Relations, Sir Abuchi Anueyiagu, indicate that of the ₦532,252,750 disbursements, a total of ₦468,783,250 was disbursed as loans to a total of 3,054 poor beneficiaries to draw them out from their poverty line.

The bank gave out a total of ₦63,469,500 as overdraft to a total of 536 low income workers in the period under review to meet their financial needs and improve their quality of life.

The gender distribution outlay of the facilities shows that a total figure of 1,970 females and 1,084 received a total amount of ₦203,021,250 (43 per cent) and ₦265,762,000 (56.69 per cent) of the ₦468,783,250 loans respectively.

Expressing satisfaction with the performance, Mr. Okeke assured that the bank was focused and determined to achieve its projected target of disbursing no fewer than ₦1.2bn facility by the end of 2014, expecting that the bank's fortunes would rise further this year.

"The above figures show that we are on course, considering that the peak period of micro loan activities starts from August while the slack period is January to July", the bank's head of Credit explained.

Advising the micro credit facilities beneficiaries "to use the facilities well and to repay promptly, so as to continue to receive more from the bank", the Credit manager said the facilities were aimed at creating maximum wealth for the beneficiaries, hence he advised them to manage it with prudence and honesty.

He reiterated an earlier charge to the bank's loans officers to always lend money to people of good character and conscience.

Chairman of the bank and a Roman Catholic Prelate, Msgr. Prof. Obiora Ike, had earlier assured that the Umuchinemere Pro-credit Micro Finance Bank would not relent in its efforts to improve the quality of lives of the poor within the Nigerian environment, through micro financing.

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