Umuchinemere MFB Grants N268m Loan to 1,125 Customers In 2019Q1

Umuchinemere MFB Grants N268m Loan to 1,125 Customers In 2019Q1

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Post Views: 206 In its bid to continue playing an active role in the eradication of poverty and enhancing government’s policy of financial inclusion o...

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In its bid to continue playing an active role in the eradication of poverty and enhancing government’s policy of financial inclusion of the active poor, the management of Umuchinemere Pro-credit Micro Finance Bank (UPMFB), Enugu, said it advanced loans amounting to N267,927,300 to 1,125 beneficiaries in the first three months of 2019.
This, the bank said in a statement, represents a drop by N3,607,900, or 1.36% over the N264,319,400 granted to a total of 1,001 beneficiaries within a similar period in 2018, quoting Charles Udeani, its Head of Credit Department.
A breakdown of the 2019Q1 beneficiaries, according to a statement by Abuchi Anueyiagu, head of Umuchinere MFB’s Public Relations Unit, showed that 660 beneficiaries were males and they received a total of N111,393,300. The remaining 465 beneficiaries who are females, received the sum of N156,534,000.
Udeani however lamented the prevalence of multiple borrowing which the bank discovered and aborted with the aid of credit bureau searches, besides the unwillingness by some applicants to supply necessary and appropriate information for proper documentation, with the ultimate aim of evading recovery efforts “because they already have in mind not to repay if you eventually lend the money”.
Umuchinemere Pro-credit Micro Finance Bank (UPMFB), therefore stressed the determination of its management to play active role in the implementation of the Central Bank of Nigeria (CBN), as well as the “financial inclusion policy aimed at reaching out to the unbanked greater number of the populace to give them access to financial facilities to meet their financial needs through micro-financing.”

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