Umuchinemere MfB grants N300mn agric loan to farmers
By Providence Emmanuel
Umuchinemere Pro-credit Microfinance Bank, UPMFB, has granted about N300 million credit facilities to micro, small and medium scale farmers in Enugu State to enhance agricultural output.
Head, Credit Department, Mr. Charles Udeani, said that about 1000 farmers have benefitted from the initiative which shows a demonstration of the bank’s commitment to encourage and promote agriculture in the country.
A breakdown of the figure shows that 693 male farmers benefited about N200 million from the N300 million while the remaining N100 million went to 312 female farmers, all within eight of the 17 local government areas in the state, including Enugu East, Enugu North, Enugu South, Ezeagu, Nkanu East, Nkanu West, Oji River and Udi Local Government.
Also, the bank disbursed about N986.9 million to 4,338 active poor persons in 2017, comprising N407,6 million approved for 2,618 male beneficiaries and N579.3 million granted to 1,720 females who are into various types of micro and small business enterprises.
Udeani said that the bank’s total disbursement of N987 million in 2017 exceeded that of 2016 which stood at N920.1 million.
He attributed the improvement in disbursement to the bank’s increased activities in December 2017, against what was tenable in the past.
He decried the widespread uncertainty in the economy, saying: “It still affects business generally and lending in particular. Having seen the Federal Government’s Agricultural Credit Guarantee Scheme Fund (ACGSF) and the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme (ABP) as a veritable instrument for massive job creation with lots of chain values, UPMfB keyed into the two agricultural progammes as a vehicle to achieving her poverty eradication purpose because the programmes are in line with the bank’s anti poverty mission through micro financing, which is part of the economic evangelization teachings of the Church,” he said.
The post Umuchinemere MfB grants N300mn agric loan to farmers appeared first on Vanguard News.