History of Umunnachi Microfinance Bank Ltd, Abakaliki, Ebonyi State
The need to fill an identified gap and difficulties in accessing required and quality financial services by priests, staff, lay-faithfuls of the Catholic Diocese of Abakaliki and persons in Ebonyi State necessiated the founding and establishment of Umunnachi Microfinance Bank by the Catholic Diocese of Abakaliki. The bank was established also to further the church's evangelizing mission through its cooperate social responsibility and reaching out to low income earners.
The first meeting was held on 15th December, 2012 at St. John the Baptist Parish, Ndubia, Izzi L.G.A, Ebonyi State. The meeting was led by Rev. Fr. Isaac Nnanna Ogba. In the meeting Rev. Fr. Daniel Nnanna Agara made known his wish for the Catholic Diocese of Abakaliki to own a Microfinance Bank like other Catholic dioceses in other states and to fill the identified gap. Present at the meeting were Rev. Fr. Anthony Ikenna Nnaji, Rev. Fr. Isaac Nnanna Ogba, Rev. Fr. Daniel Nnanna Agara, Mr. Christopher Ndu and Mrs Felicia Ngozi Chinedu Eze.
Those in attendance supported the idea for a microfinance bank for the diocese and appointed a proposed Board of Directors made up of Catholic Bishop of Abakaliki Diocese, Most Rev. Dr. Michael Nnachi Okoro, member, Rev. Fr. Anthony Ikenna Nnaji, Chairman, Mr. Christopher Ndu, member, Rev. Fr. Isaac Nnanna Ogba member, Mrs Felicia Ngozi Chinedu Eze, member, Rev. Fr. Daniel Nnanna Agara, Secretary to the Board of Directors and Project Manager and also appointed a consultant to help in actualizing the dream for a microfinance bank for the diocese. The meeting agreed that the Bishop Catholic Diocese of Abakaliki will be informed of this idea in its next meeting to be held at the Bishop's Court, Mile 50, Abakaliki.
In a meeting held with Bishop Nnachi Okoro on 23rd February 2013, the desire to establish a bank, albeit a microfinance bank and its inherent benefits to the diocese and people in Ebonyi State was discussed. The Bishop gave his blessings for the establishment of this noble project. The meeting affirmed the following persons as the initial proposed Directors, Most Rev. Dr. Michael Nnachi Okoro (Chief Promoter) Rev. Fr. Anthony Ikenna Nnaji, Chairman, Rev. Fr. Isaac Nnanna Ogba, Mrs Agatha Ndu, Mrs Ngozi Felicia Chinedu Eze, Rev. Fr. Daniel Nnanna Agara, secretary to the Board of Directors and Project Manager of the bank. These People, men of proven experience in administration and financial management and committees of the members of the Board of Directors were given specific duties to see to the actulization of the establishment of the bank.
The Board of Directors and the Project Manager worked tirelessly, held several meetings, one of which they suggested a name UMUNNACHI MICROFINANCE BANK LTD, ABAKALIKI, for the bank, the name, a combination of UMU which translates children and NNACHI the middle name of the Catholic Bishop of Abakaliki Diocese Most Rev. Dr. Michael NNACHI Okoro, which translate the children of Nnachi and sent to the Corporate Affairs Commision (CAC) for consideration and approval.
With a consultant versed in financial management engaged to ensure that the bank came on board, The Board of Directors hit the ground running. They contacted individuals who indicated interest to invest in shares of the proposed microfinance bank, mobilized finance, gathered required materials and documents, interviewed and employed the banks management team led by Mr. Sunday Uchechukwu Eze (Managing Director / Chief Executive Officer) and other staff which they submitted and visited the Corporate Affairs Commision (CAC) and Central Bank of Nigeria (CBN), the regulators of companies and banks in Abakaliki, Enugu and Abuja to facilitate the approval to establish the bank.
Umunnachi Microfinance Bank Ltd, Abakaliki was incorporated on 1st November, 2013 by the Corporate Affairs Commission and granted approval-in-principle (AIP) to operate as a unit microfinance bank with a paid up share capital of twenty five million naira (N25m) on 10th August 2013 and final approval to operate in the same capacity with members of Board of Directors made up of Most Rev. Dr. Michael Nnachi Okoro, Rev. Fr. Anthony Ikenna Nnaji (Chairman), Rev. Fr. Isaac Nnanna Ogba, Mrs Agatha Ndu, Mrs Ngozi Felicia Chinedu Eze, Rev. Fr. Daniel Nnanna Agara, Mr. Sunday Uchechukwu Eze (Managing Director/ Chief Executive Officer) and Rev Fr. Felix Uche Akam, Secretary to the Board of Directors by the Central Bank of Nigeria (CBN) on 31st January 2014.
The Bank started operations on 10th February 2014 and was commissioned by the Chief Promoter and the Bishop of the Catholic Diocese of Abakaliki, Ebonyi State, Most Rev. Dr. Michael Nnachi Okoro on 28th February 2014. The Bank took off with a highly qualified and competent members of Board of Directors and experienced management staff.
In 2017, Umunnachi Microfinance Bank Ltd, Abakaliki underwent some reorganization of the Board of Directors. It also increased its capital base to N100m. Umunnachi Microfinance Bank is in the process of increasing its share capital to N200m to meet the new CBN requirement for a unit urban Microfinance Bank.Open an account with us