UPMFB disburses N920m to 4,145 Active Poor

Umuchinemere Microfinance Bank (UPMFB) has disbursed N920 million as loans to 4,145 active poor individuals and groups in its 2016 financial year.
This amount exceeded its micro loans target for the year by N82 million.

Giving the breakdown of how the money was disbursed, the Head of Credit of the bank, Mr. Charles Udeani said, out of the N920.2million disbursed, 1,703 female beneficiaries received N500.4million while 2,442 male beneficiaries received the remaining amount of N419.8million.

Udeani further explained that, out of the total disbursement, the sum of N204.5 million went to 981 rural dwellers spread across many local government areas in Enugu State.

The bank, he said, disbursed N523.7 million of the N920.2 million to 3,944 active poor persons, as micro loans. Umuchinemere Pro-credit Microfinance Bank’s micro loan disbursement target for 2016 was N441 million.

To this end, he added that, 2,333 active poor male beneficiaries received the sum of N272.8 million of the micro loans, while 1,611 active poor female beneficiaries got N250.8 million 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, he said, the bank has embarked on vigorous sensitisation of the people 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, thereby, lifting them out of poverty.

This, he said, includes the leasing of equipment of different types and sizes to micro, small, and even medium scale enterprises to promote and encourage entrepreneurship and poverty alleviation.

Udeani advised the beneficiaries of its facilities to resist the temptation of loan diversion during this period of economic recession.

Udeani further advised banks’ customers to avoid multiple borrowing from different financial institutions and to always ensure they repay their borrowed funds as scheduled. This, he pointed out, was to avoid being exposed by the enforcement of the Central Bank of Nigeria’s policy on Credit Bureaux search, which has commenced and will expose offenders of multiple borrowing.

The bank is projecting to disburse N1.043billion as loans for the current financial year 2017.