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Microfinance Bank Nigeria Limited

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Umuchinemere Pro-credit Micro Finance Bank (UPMFB) begins CBN's Cashless Policy, Extends Operations to Abuja

The Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) begins the Central Bank of Nigeria's Cashless policy July 1, 2014, as plans are already at a high level for the bank to carry its battle against poverty to the country's federal capital territory by extending its operations to Abuja.

Managing Director of Umuchinemere Pro-credit Micro Finance Bank (UPMFB), Mrs. Nnenna Ekete, told a joint session of the bank's investors and customers at its Customer Forum/Extraordinary General Meeting at Enugu that UPMFB is not going to be taken unawares by the July 1 deadline by the CBN, as it is set to implement and integrate the new Cashless policy into its banking operations by July 1, 2014, when the new policy is set for nation-wide implementation.

She said "To this end, the bank has plans to embark on the acquisition, installation and operation of a robust soft application that will enable our customers to access their funds easily and transact other financial businesses with their accounts with our bank at any point in the country, through access to Point of Sale (PoS), ATM, mobile banking, mobile money, e-payments, debit/credit cards and e-banking services".

The Managing Director assured the bank's customers that the necessary software technological applications for easy cashless banking will be in place by the bank at its various branches by July 1.

Mrs. Ekete said Umuchinemere Pro-credit Micro Finance Bank (UPMFB) was not going to relent in offering efficient and quality products and services, so that the active poor people in the society will have easy access to funds to improve their quality of lives.

A statement from the bank and signed by its Head of Public/Media Relations, Sir Abuchi Anueyiagu, reported the Managing Director as saying that Umuchinemere Pro-credit Micro Finance Bank (UPMFB) is a corporate financial institution whose mission and vision include being among other things, "a microfinance bank with ethical standards, offering best in class financial products and services that are innovative, socially responsible, customer focused, grassroots oriented, promoting sustainable stakeholder participation and integral human development".

As a CBN approved State microfinance bank, Umuchinemere Pro-credit Micro Finance Bank (UPMFB) is authorized to have a branch at the capital city of the country Abuja, hence its decision to extend its operations to Abuja, which is the country's capital territory. Any microfinance bank in the category of State microfinance bank with its operational base outside Abuja is entitled to also set up operations in Abuja being the federal capital.

Umuchinemere Pro-credit Micro Finance Bank (UPMFB), which was first established on July 22, 1995 as a Community bank by the Enugu diocese of the Holy Catholic Church under then Episcopal leadership of now late bishop Michael Ugwu Eneja, is a gospel inspired bank meant for economic evangelization and emancipation of the less privileged ones in the society.

Mrs. Ekete said the interface with the customers of the bank offered it with an opportunity to feel the pulse of its customers about its products and services, in order to serve them better.

At the day's event, the Umuchinemere Pro-credit Micro Finance Bank (UPMFB) by a motion moved by its investors, reintroduced its stock to the market and raised it from its hitherto rate of N2 to N3.

A former Managing Director of Anambra Braodcasting Service, Dr. Ralph Osai observed at the event that the impact of Umuchinemere Pro-credit Micro Finance Bank (UPMFB) in the society is very impressive and commendable as it is improving the quality of lives of the active poor, while the traditional ruler of Obeleagu Umana in the Ezeagau local government area of Enugu state thanked the bank for supporting the poor in agriculture financing.

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