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Umuchinemere Procredit MFB establishes Micro Insurance Scheme

By Amaka Agwuegbo
The Umuchinemere Procredit Micro Finance Bank (UP-MFB) Nigeria Limited, Enugu, in its efforts to empower and improve the well being of the active poor, is set to establish a micro insurance scheme for the rural populace of Enugu
Chairman of the bank, Rev. Obiora Ike, at the commissioning of the bank’s Customer Relations Office (CRO), at Afor-Oghe, in  Ezeagu LGA, Enugu State, disclosed that the aim of the insurance policy was to secure the farm produce, livestock, and small business enterprises of the active poor, according to their levels.

According to him “UP-MFB is determined to assist the active poor to grow economically and make their lives better, which has prompted us to establish the insurance policy to assist in securing the farm produce, livestock, and small business enterprises of the active poor. We are also considering going into micro housing programme to serve the active poor and the rural people.”

Pointing out that the bank was meant for community development, Ike implored members of the community to avail themselves of the services and products provided by the bank.

Urging the community on the prudent use of the micro credit facilities and ensure maximum protection of the Afor Oghe CRO office, the Managing Director of the bank, Mrs. Nnenna Maria Ekete, said the Afor Oghe CRO is the 11th the bank is establishing since becoming a licensed MFB with a paid-up capital base of N1bn.

She noted that one of the bank’s policy implementation is job creation for its immediate environment and the opening of the Afor Oghe CRO would encourage easy development of the town as it would attract commercial and economic activities.

Umuchinemere Procredit Micro Finance Bank was established by the Catholic Diocese of Enugu as a Community Bank in 1995 and was granted Approval-in-Principle by the Central Bank of Nigeria (CBN) to operate as a unit microfinance bank in February, 2007, with authorised capital base of N1bn. It became the first community bank to be granted Final License by the CBN in September 2007 after satisfying these regulatory demands.

In July 2007, UP-MFB became the first community bank to get approval for the N1bn capitalisation by the Corporate Affairs Commission, making it a state microfinance bank.



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