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Faith -based microfinance institution, Umuchinemere Pro-credit Micro Finance Bank (UPMFB), Enugu, has said it made a contribution of N1.1 billion to the growth of the Nigerian economy in 2018.
This contribution came largely from credit facilities, which it gave to micro small and medium scale enterprises, as well as farmers and low income workers within its operational area spanning 10 of the 17 local government areas in Enugu State, most of them in the rural areas, in 2018.
UPMFB said it gave the facilities to boost businesses and agricultural activities, or to help them start fresh businesses to enhance the quality of life of its salaried loans beneficiaries and their families.
A statement by the bank signed by its Head of Public/Media Relations Unit, Sir Abuchi Anueyiagu, said the bank made a total disbursement of N1,113,582,504 credit facilities to 5,201 customers in 2018 financial year, about N126,605,869 improvement over the sum of N986,976,635 it granted to its customers in 2017.
The gender distribution of the beneficiaries of the N1.1 billion indicates that there were more male beneficiaries than women, with a figure of N653,838,754 granted to 3,170 males and N459,743,750 to 2,031 females, comparatively above the amount of N407,599,000 granted to 2,618 males the previous year 2017.
The bank, which had projected a total disbursement of N1.1 billion for 2018 granted N87 million loans to farmers for different agricultural purposes, which meant a lot in the agriculture sector.
