Borno State Governor, Babagana Umara Zulum, has unveiled Rayyan Microfinance Bank, headquartered in Maiduguri, the state capital on Sunday.
Rayyan Bank is an Ethical Compliant Digital Bank that offers non-interest financing. With a commitment to ethical compliance practices, the bank also provides a comprehensive range of banking solutions designed to meet the diverse needs of individuals and businesses.
Speaking at the unveiling ceremony held in Forshams Event Centre, Maiduguri, Zulum emphasised that the bank is a critical tool for building resilience and fostering self-reliance among the people of Borno. He highlighted its role in providing the financial backbone communities need to rebuild livelihoods affected by years of insurgency.
“Microfinance banks are crucial for driving financial inclusion, reducing poverty and promoting economic growth through providing accessible financial services to such as small loans, savings accounts and insurance amongst others to low income individuals who don’t have access to traditional banking systems in Nigeria,” Zulum said.
He added, “I want to commend the vision and tenacity of the chairman and members of this very important bank, I also want to assure you that the government, under my leadership, will partner with you to promote the ideals of the non-interest banking system which is very important to our economy.”
Demonstrating Borno State government’s confidence in the new institution, Zulum directed the State Ministry of Finance to open an account with Rayyan Microfinance Bank.
Following the unveiling, the Governor formally presented the bank to the public, urging residents, cooperatives, and business owners to utilise its services to grow their businesses, support local enterprises, and contribute to the state’s economic resurgence.
The event featured keynote addresses and lectures by academics, regulatory agencies, religious scholars, and other stakeholders, highlighting the potential of non-interest banking to promote ethical investments and foster inclusive economic growth.
