By Providence Obuh

Umuchinemere Pro-credit Micro Finance Bank (UPMFB) is set to disburse about N1.5 billion as loan facility to the active poor in its 2015 financial year. Meanwhile, the bank disbursed a total loan facility of N1.13 billion as micro loan to about 5, 395 low income earners in 2014.

In a statement, the bank said that about N659, 700, 000, representing 58.32 percent was given to micro loan clients as micro loans and N367, 788, 150, representing 32.51 percent of the total loan was given as other loans.

According to the statement, the bank is collaborating with the Enugu State government and the Central Bank of Nigeria (CBN) in a partnership programme in the management of the Federal Government’s N220billion Micro, Small and Medium Enterprises (MSME) Development Fund.

A breakdown of the total facility indicate that a total of 2,300 male clients received N589,245,900, representing 52.09 percent of the total loans disbursed in 2014 financial year ended, while 1,986 females got a total of N438,242,250, representing 38.74 percent of the total facility.

In the period under review, the bank disbursed a total Temporary Over Draft and Advances of N103,700,100, representing 9.17 percent of the N1.13bn, to its deserving clients, comprising mainly low income workers that receive their salaries and pensions through the bank.