UPMfB disburses N601 million loans to 1,890 active poor

By ABDUL-KHALIQ OLALEKAN

An Enugu-based Microfinance bank, Umuchinemere Pro-credit MfB (UPMfB) has disbursed N600.86 million as loans to 1,890 active poor in Enugu State as part of its objectives to alleviate poverty in the society through economic evangelization.

The funds, which were disbursed in the first half of 2016, were meant to help the beneficiaries meet their financial needs, improve their quality of living and lift them out of poverty.

Acting Head of Credit, UP MfB, Mr. Charles Udeani, while giving the details of the disbursement, in a statement made available to Business247 Online News, stated that out of the N600.8 million disbursed, women were the greater number of the beneficiaries, with a total of 742 females out of the 1,890 beneficiaries.

Udeani explained that the amount of funds disbursed by the bank in the first half of the year met the bank’s target, with the facilities performing above average.

Expressing optimism that there would be economic improvement in the country by the end of the year, the Umuchinemere Pro-credit Microfinance Bank’s Credit manager assured that the bank was focused and determined to achieve its projected target of fund disbursement for the years, so as to create jobs and lift many more people out of poverty by the end of 2016.

Advising the micro credit facilities’ beneficiaries ‘to avoid multiple borrowing and use the facilities for their purpose and to repay promptly to sustain their relationship with the bank,’ Udeani said the facilities were aimed at creating maximum wealth for the beneficiaries.

He expressed optimism that the remaining half of the year would be better as the anti graft war of government would have started yielding positive dividends on the economy by then.

Reiterating an earlier charge to the bank’s loans officers to always lend money to people of good character and conscience, Udeani said the bank strove to meet her customers’ financial needs by continually introducing products and services that suit their needs and by also extending its services to the rural areas.

Meanwhile, the bank has continued the extension of its financial services and products to the rural populace, with the recent opening of an office at the Enugu State Polytechnic, sited at the rural community of Iwollo in the Ezeagu local government area of Enugu State.