Micro Finance Bank disburse N565.6m loans in H1 2019
A statement from the bank said of the beneficiaries, a total of 1,459 were males, who got about N265.01million, while the balance of N300.57million went to females, adding that there was a significant general improvement in the performance during the period in review.
The Head of Credit, Mr. Charles Udeani, in his half-year report said UPMFB maintained steady progress and collaborated with the government to fight poverty and improve the well being of the active poor people in the society.
He said: “the bank is certainly doing well in the Federal Government’s Agriculture Credit Guarantee Scheme, as evidenced in the amount of loan, N50million the bank granted to small scale farmers in the Agric sector of the economy.”
Despite the increase in loan advancement, UPMFB said it would have given out more funds, but for the challenge from lack of adequate, efficient, effective and easily accessible ICT national bio-data base to check or track borrowers and their records.
Against this backdrop, Udeani canvassed the provision of an efficient and effective database, and establishment of a special court for loan defaulters to enhance credit rating by financial institutions.
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