By Nnamdi Dumuaka, CBN award winning customer of UPMFB
One cool evening, in March 2012, I was battling with how to expand my small scale poultry farming in terms of finance and a friend of mine told me and introduced me to Umuchinemere Pro-credit Micro Finance Bank Ltd and since then till date I have been doing business with the bank.
It was quite amazing when I asked about the interest rate at which they give out loans and it was quite interesting to note that it was very accommodating compared to what is obtainable compare to other banks. And as such I started with
N50,000, N200,000 and N400,000 and can even borrow up to N500,000 or more , due to the small interest rate which is been spread over time, I was able and comfortable to pay back within the specified time loan limit without much stress to me and my business and as such, it has helped my business to grow.
Umuchinemere Pro-credit Micro Finance Bank Ltd. is a sustainable means of poverty alleviation leading to a lasting holistic development it equally help to build businesses, support their families and transform their communities. For instance In 2013 I subscribed for Citi Micro-entrepreneurship Award through Umuchinemere Pro-credit Micro Finance Bank Ltd and after the screening and series of interviews I came up the "Best Micro Entrepreneur in 2013" which was given to me by GBF (Growing Business Foundation) and Central Bank of Nigeria "Award of Excellence" and CITI award all in the same year in Abuja all these was achieved under the Umbrella of Umuchinemere Pro-credit Micro Finance Bank Ltd. The award changed the plight of my business and that of my family because it worth over
N300,000, which was injected back into my business.
It is imperative to recommend that the bank should expand the repayment period of their customer's asset loans, make use of the collective group-based loandisbursement strategy, as this will minimize the rate at which clients default in payment and the level of portfolio at risk.
The bank as well should support their customers by offering trainings on credit maximization and utilization at least twice a year. The bank should equally embark on marketing and enlighten their potential customers whom are ignorant of the bank and don't believe in getting loans from the bank because of their myopic reasoning and believe that the bank will kill them with heavy interest.
Generally, we all are aware of the economic situation of the country but I urge the bank to reduce the rate at which they introduce new policies that qualify one to apply for a loan because most of the targeted customers may not be able to meet up with these requirements therefore, defeating the objective of the micro-finance banking.
But then, I must applaud the Bank for being there for the small and medium scale businesses and the lives they have touched through their loan scheme. By a little research I carried out in some small gatherings I noticed that most successful businesses within the state and beyond had found favour in one way or the other from the bank without regrets.
In summary, Umuchinemere Bank is a tool for customer and business growth, I therefore, encourage young businesses and entrepreneurs to partner with then for financial leverage.
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UPMFB begins ATM Banking Operations
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