War Against Economic Recession: Umuchinemere Pro-Credit Micro Finance Bank Disburses ₦920.2Million In 2016

War Against Economic Recession: Umuchinemere Pro-Credit Micro Finance Bank Disburses ₦920.2Million In 2016

...advises banks customers against multiple borrowing

In its contribution to the fight against Nigeria's present economic recession, the Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB) owned by the Roman Catholic diocese of Enugu made a total disbursement of ₦920,150,162 to a total of 4,145 active poor individuals and groups in 2016, exceeding its micro loans target for the year by ₦82,634,794.

In a press release by the bank's Head of Public/Media Relations Unit, Sir Abuchi Anueyiagu, UPMFB's Head of Credit, Mr. Charles Udeani, said that out of the ₦920.2million disbursed, a total of 1,703 female beneficiaries received ₦500.4million while a total of 2,442 male beneficiaries received the remaining amount of ₦419.8million.

Mr. Udeani further explained that out of the total disbursement, the sum of ₦204,586,048 went to 981 rural dwellers spread across many local government areas in Enugu State.

The bank's Head of Credit said the bank disbursed ₦523,757,434 of the ₦920.2m to 3,944 active poor persons, as micro loans, exceeding its target for micro loans disbursement in 2016 by ₦82,634794. Umuchinemere Pro-credit Micro Finance Bank's micro loan disbursement target for 2016 was ₦441,122,640.

A total of 2,333 active poor male beneficiaries received the sum of ₦272,858,256 of the micro loans, while 1,611 active poor female beneficiaries got the sum of ₦250,899,178 of the micro loans in the year ended.

To step up its action of extending the Federal Government's financial inclusion policy to the unbanked people, especially active poor people in the rural areas, the Umuchinemere Pro-credit Micro Finance Bank has embarked on vigorous sensitization of members of the public across all its areas of operation, in addition to its introduction of new products and rendering of financial services that meet the contemporary times needs of the active poor people for their up lift out of poverty.

They include the leasing of micro, small, and even medium scale enterprises equipment of different types and sizes to promote and encourage entrepreneurship and poverty alleviation, as well as steady extension of its operations to the rural areas.

The bank's Head of Credit advised the beneficiaries of its facilities "to resist the temptation of loan diversion during this period of economic recession."

Mr. Udeani further advised banks customers to avoid multiple borrowing from different financial institutions and to always ensure that they repay their borrowed funds as scheduled, in order to avoid being exposed by the enforcement of the Central Bank of Nigeria's policy on Credit Beaux search, which has commenced and will expose offenders of multiple borrowing.

Meanwhile, in furtherance of its own contribution in the ongoing battle against the economic recession in the country, the Umuchinemere Pro-credit Micro Finance Bank has already commenced funds disbursement for 2017 by making funds available to the active poor people to either sustain and grow their already existing micro, small and medium enterprises or to begin their own fresh and new enterprises to step out of their present poverty condition, projecting to disburse a total of ₦1.043billion for the current financial year 2017.

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