...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.