Borno State Governor, Babagana Umara Zulum, on Sunday unveiled Rayyan Microfinance Bank, an Ethical Compliant Digital Bank headquartered in Maiduguri, the Borno State capital.
The unveiling ceremony took place at Forshams Event Centre, Maiduguri, where the Governor described the bank as a critical tool for building resilience and fostering self-reliance among the people of the state. He said the institution would serve as a financial backbone for communities working to rebuild livelihoods affected by years of insurgency.
Rayyan Microfinance Bank offers non-interest financing and provides a wide range of banking solutions aimed at meeting the needs of individuals, cooperatives, and businesses. The bank is designed to support financial inclusion by extending services to people who are often excluded from conventional banking systems.
Speaking at the event, Zulum said, “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.”
He added, “I want to commend the vision and tenacity of the chairman and members of this 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.”
To demonstrate the Borno State Government’s confidence in the new institution, the Governor directed the State Ministry of Finance to open an account with Rayyan Microfinance Bank.
Following the unveiling, Zulum formally presented the bank to the public and urged residents, business owners, and cooperative societies to utilise its services to expand businesses, strengthen local enterprises, and support economic recovery.
The event also featured keynote addresses and lectures delivered by academics, regulatory agencies, and religious scholars, highlighting non-interest banking and ethical investments.
