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Umuchinemere Procredit

Microfinance Bank Nigeria Limited

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Umuchinemere Pro-Credit Micro Finance Bank empowers 1,360 poor people with N288.64million micro credit funds in three months

In furtherance of its avowed objective to alleviate poverty in the society, through what the Roman Catholic Church calls economic evangelization, the Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB), disbursed a total of N288,639,000 micro credit fund to a total of 1,360 low income earners between July and September 2014.

The 1,360 Micro Credit Fund beneficiaries spread across the three Dioceses of Enugu, Awgu and Awka, covering eight local government areas of Enugu East, Enugu North, Enugu South, Ezeagu, Nkanu East, Nkanu West, Oji River, and Udi.

Giving the details of the July-September 2014 Funds disbursement, the bank's Acting Head of Credit, Mr. Ikechukwu Ngene, through a Press Release from the bank's Head of Public/Media Relations Unit, Sir Abuchi Anueyiagu, explained that among the 1,360 beneficiaries were 599 females who received a total of N157,955,000, while 474 were males that received a total of N100,811,000.

The bank granted a total of N29,873,000 as Temporary OverDraft to 287 persons during the months of July, August and September this year.

Mr. Ngene said UPMFB was "committed to exceeding the expectations of borrowers while maintaining good asset quality in terms of our administration and management."

According to the bank's chairman, Monsignor Prof. Obiora Ike, the fund given to the beneficiaries was meant as financial empowerment to them to meet their financial need to improve their standard of living and enhance their quality of life.

Umuchinemere Pro-credit Micro Finance Bank (UPMFB), owned by the Roman Catholic Diocese of Enugu, had between January and end of June 2014 financially empowered a total of 3,590 needy low and middle income earners in Enugu state with a total of N532,252,750 micro credit funds to meet their financial need, especially for their micro and small enterprises.

The substantive Head of Credit of the bank, Mr. Okeke, had earlier in the year assured that the bank was focused and determined to achieve its projected target of disbursing no fewer than N1.2bn facility by the end of 2014, expecting that the bank's fortunes would rise further this year.

Meanwhile, the bank is actively participating in the disbursement and management of the Federal Government N220 billion special Funds for promotion of entrepreneurship, Micro, Small and Medium Enterprises Development Fund.

In partnership with Enugu State SME Centre, Umuchinemere Pro-credit Micro Finance Bank has already distributed 5000 Business Loan forms to applicants for the special Development Fund and it is expected that successful applicants for the Fund will use it to enhance their micro, small and medium scale businesses, as applicants for the special Fund are already undergoing special training by the Enugu State SME Centre, in partnership with UPMFB and other participating financial institutions in the State.

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