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Umuchinemere Procredit

Microfinance Bank Nigeria Limited

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Umuchinemere Pro-Credit Micro Finance Bank disburses a total of N121.4m to the poor in 1st qtr of 2013

In sustenance of its poverty eradication effort, the Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) gave out a total of N121, 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. A Press Release signed by Head of Public/Media Relations unit of Umuchinemere Pro-credit Micro Finance Bank, Sir Abuchi Anueyiagu, quoted the Head of the banks Credit department, Mr. Ikechukwu Ngene, who gave out the figures, as saying that the bank would have met its earlier benchmark to provide a total of N200 million of micro credit facility to the needy abjectly poor persons in the first quarter of 2013, but for the slow pace of economic activities that is associated with the first quarter of every year and this year was not an exception.

Ngene hopes that the difference would be covered by the end of the second quarter of the year. He advised the N121.4m micro credit fund beneficiaries to use the facilities well and to repay promptly, so as to continue to receive more from the bank. 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 N734,594,500 credit facilities in 2012. UPMFB's Head of Finance and Accounts, Mrs. Bibbian Ofoje, said the banks unaudited income for the year ended 2012 showed an increase by N149 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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