Microfinance bank gives N268m to 1,125 active poor
Umuchinemere Pro-credit Micro Finance Bank Enugu (UPMFB) has disbursed N267.93 million to 1,125 active poor in the first quarter of 2019, an improved difference of N3.6 million from the amount it granted last year.
The move was driven by the passion to maintain its goal of playing active role in the sustainable development efforts aimed at eradicating poverty and supporting the financial inclusion, designed to meet the financial needs of the active poor.
The Head of the bank’s Credit Department, Charles Udeani, in a statement, noted that the rural lender gave N264.32 million to 1,001 beneficiaries in the corresponding period of 2018.
Commenting on the improved lending in the period under review, he said described the bank’s performance as remarkable feat in meeting the financial needs of the active poor people in the society.
He said the record is an indication that the bank is stepping up efforts toward meeting its goal of poverty eradication, which is a part of the reason for its establishment by the Roman Catholic diocese of Enugu in 1995.
Among the beneficiaries of the disbursement in the first quarter of the year, 660 were males and they received a total of N111.4 million, while 465 were females, receiving N156.53 million.
Udeani, however, observed the prevalence of multiple borrowing, a worrisome development, which the bank has been able to pull manage through credit bureau searches.
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