Dare Babalola
Borno State Governor, Babagana Umara Zulum, officially launched Rayyan Microfinance Bank, headquartered in Maiduguri, the state capital, on Sunday.
Rayyan Bank is a digital bank that adheres to ethical compliance standards, offering non-interest financing and a range of banking solutions tailored to meet the needs of individuals and businesses.
Addressing guests at the unveiling ceremony at Forshams Event Centre in Maiduguri, Governor Zulum stressed that the bank would play a vital role in enhancing resilience and self-reliance among Borno’s population. He noted its importance in providing financial support to communities seeking to rebuild their livelihoods after 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.
“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,” he noted.
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.
