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Microfinance Bank Nigeria Limited

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Umuchinemere Pro-credit Micro Finance Bank steps up action against poverty, gives ₦268m to 1,125 active poor people in first qtr of 2019

Fired by the passion to maintain its goal of playing active role in the sustainable development efforts aimed at eradicating poverty in the land through the government policy of financial inclusion designed to meet the financial needs of the active poor people to uplift them out of poverty condition, the Umuchinemere Pro-credit Micro Finance Bank Enugu (UPMFB), a major partner in the efforts, gave the sum of ₦267,927,300 to a total of 1,125 active poor beneficiaries in the first quarter of 2019, an improved difference of ₦3.6m from the amount it granted in the immediate preceding year.

Head of the bank's Credit department, Mr. Charles Udeani, gave this information in a press release issued by the bank's Public/Media Relations Unit.

Comparatively, the Umuchinemere Pro-credit Micro Finance Bank (UPMFB) gave a total of ₦264,319,400 to a total of 1,001 beneficiaries within a similar period in 2018, a shortfall of ₦3,607,900 from the total amount of ₦267,927,300 it was able to grant in the first quarter of the current financial year, as well as a difference of 124 beneficiaries, which generally is a remarkable improvement in the bank's performance in meeting the financial needs of the active poor people in the society in the present year.

Analytically, the record is an indication that the bank is stepping up efforts toward meeting its goal of poverty eradication, which is a part of the reason for its establishment by the Roman Catholic diocese of Enugu in 1995.

Of the beneficiaries of the ₦267,927,300 disbursed in the first quarter of the year, 660 of them were males and they received a total of ₦111,393,300, while the rest, 465 females, received the sum of ₦156,534,000.

Mr. Udeani made an observation of prevalence of worrisome cases of multiple borrowing which the bank has been able to find out through credit bureau searches and did not allow, just as was the experience of the unwillingness of applicants to supply needed appropriate information for proper documentation, which is intentional with the ultimate aim of evading recovering efforts "because they already have in mind not to repay if you eventually lend the money".

Umuchinemere Pro-credit Micro Finance Bank (UPMFB) has determinedly been playing active role in the implementation of the Central Bank of Nigeria (CBN) financial inclusion policy aimed at reaching out to the unbanked greater number of the populace to give them access to financial facilities to meet their financial needs through micro financing.

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