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Microfinance Bank disburses N532m credit

By on July 10, 2014

The Enugu-based Umuchinemere Pro-credit Microfinance Bank (UPMFB) has announced the disbursement of a total of N532.253 million micro-credits to low and middle income earners in Enugu state in the first six months of 2014.

The funds, given to a total of 3,590 beneficiaries, were aimed at improving the quality of life of the beneficiaries, a statement from the bank said.

Details of the funds’ disbursements by UPMFB’s Head of Credit, Mr. Odinaka Okeke showed that of the total amount, N468.783 million was disbursed as loans to a total of 3,054 beneficiaries aimed at poverty alleviation.

Also, the bank gave out a total of N63.469 million as overdraft to a total of 536 low income workers in the period under review to meet their financial needs and improve their quality of life.

The gender distribution also showed that a total of 1,970 females and 1,084 received a total amount of N203.021 million (43 per cent)  and N265.762 million (56.69 per cent) of the N468.783 million.

Expressing satisfaction with the performance, Okeke assured customers that the bank was focused and determined to achieve its projected target of disbursing no fewer than N1.2 billion loans by the end of 2014, expecting that the bank’s fortunes would rise further this year.

“The above figures show that we are on course, considering that the peak period of micro loan activities starts from August while the slack period is January to July,” the bank’s head of credit explained.

 

 

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