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Umuchinemere Procredit

Microfinance Bank Nigeria Limited

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Umuchinemere Pro-Credit Micro Finance Bank Empowers 796 Active Poor People with N247.72m Micro Credit Funds in the First Half of 2016

As Enugu State Government rates Umuchinemere Pro-credit Micro Finance Bank tops among other MFBs

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) has disbursed a total of N247, 719, 959 micro credit fund to a total of 796 active poor people in Enugu State in the first quarter of 2016.

The funds are to help the beneficiaries meet their financial needs, improve their quality of living and lift them out of poverty.

Details of the micro credit funds' disbursements provided by the bank's Head of Credit/Business Development, Mr. Ikechukwu Ngene, which is contained in a press release issued by the bank's Head of Public/Media Relations, Sir Abuchi Anueyiagu, indicate that out of the N247, 719, 959 disbursement, a total of 306 females received a total amount of N169, 039, 459, while the balance of N78,680, 500 went to a total of 490 male beneficiaries.

Mr. Ngene regretted that the amount of funds disbursed by the bank in the first quarter of the year was below the bank's budgeted figure for disbursement.

He attributed the cause of not meeting the bank's target for disbursement in the first quarter of the year to "the current high cost of living that affected virtually all business activities in the country", hoping however that the situation would improve in the second quarter of the year, "when the national budget would have gone into implementation and economic activities revived."

Expressing optimism that there would be economic improvement in the country by the end of the year, the Umuchinemere Pro-credit Micro Finance Bank's Credit/Business Development manager assured that the bank was focused and determined to achieve its projected target of fund disbursement to create jobs and empower many more people out of poverty by the end of 2016, expecting that the bank's fortunes would also rise further this year.

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", Ngene 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.

Meanwhile, the Enugu State government has rated Umuchinemere Pro-credit Micro Finance Bank as the best among other microfinance banks in the State.

The rating came from the governor of the State, Rt. Hon. Ifeanyi Ugwuanyi who was represented by his Special Adviser on Micro, Small and Medium Scale Enterprises, Mr. Anayo Agu, on an occasion organized by the bank.

Governor Ugwuanyi said, "Umuchinemere Pro-credit Micro Finance Bank is first in Enugu State among other microfinance banks in the State."

The Governor described the structure and process of the bank as fantastic, observing its growth or rise as phenomenal.

Umuchinemere Pro-credit Micro Finance Bank has been a major partner of the State government in the area of poverty alleviation since 2009 when the bank took up the management of the government's special transport scheme, Coal City Cabs and Coal City Shuttle, aimed at creating jobs and empowering hundreds of unemployed youths in the State. The bank is still managing the taxi cab scheme through its subsidiary company, Coal City Cab Fleets Managers Limited (CCCFM).

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