By Providence Emmanuel
Umuchinemere Pro-credit Micro Finance Bank (UPMFB) has projected to disburse N1.043billion to Micro Small and Medium Enterprises (MSMEs) in the country in 2017.
Also, the Enugu based bank disbursed N920,150,162 to about 4,145 active poor individuals and groups in 2016, exceeding its micro loan target of N82,634,794 for the year.
In a statement, the bank said it commenced funds disbursement for 2017 by making funds available to the active poor people to sustain and grow their already existing MSMEs and start-ups to begin their own new business enterprises so as to step out of poverty.
The bank explained that the disbursement is in furtherance of its own contribution in the ongoing battle against the economic recession in the country,
Head of Credit, UPMFB’s, Mr. Charles Udeani, said a total of N204,586,048 went to 981 rural dwellers spread across many local government areas in the bank’s resident state.
A breakdown of the disbursement shows that a total of 1,703 female beneficiaries received N500.4million while 2,442 male beneficiaries receivedN419.8million.
Udeani said that the bank has commenced sensitization of members of the public across its area of operation, in addition to its introduction of new products and rendering of financial services that meet the need of the active poor people with a view to stepping up action geared towards extending the Federal Government’s financial inclusion policy to the unbanked, especially the active poor people in the rural areas.
Example of the new product is the leasing of MSMEs equipment of different types and sizes to promote and encourage entrepreneurship and poverty alleviation, as well as steady extension of its operations to the rural areas.
He advised the beneficiaries of the bank facilities to resist the temptation of loan diversion at a time when the country is experiencing economic recession, stating, “I am advising customers to avoid multiple borrowing from different financial institutions, ensure prompt repayment of borrowed funds as scheduled, in order to avoid being exposed by the enforcement of the Central Bank of Nigeria’s policy on Credit Beaux search, which has commenced and will expose offenders of multiple borrowing,” he said.