Rayyan Microfinance Bank has announced the launch of N2 billion in projects aimed at supporting Micro, Small and Medium Enterprises across Borno State. The announcement was made by the Managing Director of the bank, Abubakar Musa, while addressing journalists on Sunday at an event organised to mark the grand opening of the bank in Maiduguri, the Borno State capital.
Musa described the institution as an indigenous non interest microfinance bank with a clear focus on expanding access to finance for business owners, traders, and entrepreneurs across the state and beyond. He explained that the bank combines physical operations with digital services to reach a wider audience.
“This bank is an indigenous non-interest microfinance bank. We have a physical office here in Borno state, but we also have a digital presence everywhere through our mobile app, Internet banking, and USSD,” he said.
Speaking on the newly launched projects, Musa stated that they are designed to address key areas such as women empowerment, alternative energy, and small business development. He added that the launch event was mainly to formally introduce the bank to the public.
“This gathering is just to introduce the bank officially to the public; if not, we have been existing for some time now,” he said.
Musa disclosed that the bank unveiled five products during the launch, noting that four of them would receive direct financing. “We launched five products; they are, Rayyan Micro Small and Medium Enterprises, which will cater for traders, entrepreneurs and the rest. We have Rayyan Women, focusing on women entrepreneurs. We have SunRay, which is an alternative source of energy initiative for households and offices,” he said.
He explained that the bank has committed N2 billion to finance the four projects, while the fifth product focuses on investment. “We have committed N2 billion to finance these four projects we launched. The fifth project is on investment. Here, it is the customers who will bring their money. From the money they bring, from our shareholders’ fund and depositors’ fund, we will be able to finance the other four projects,” Musa said.
According to him, each of the four projects will receive equal funding. “Each of the projects will take N500 million,” he explained.
Musa also commended the Borno State Government for creating an enabling environment for private businesses to operate and grow. “Anything you are doing, if you want to grow, you must involve the wider community and the state government. So we are glad that the administration under the leadership of Professor Babagana Zulum has created the pathway to bring in private investors,” he said.
Speaking earlier, the governor of Borno State, Babagana Zulum, commended the initiative and pledged the state government’s partnership with the bank. “Basically, Microfinance banks exist to drive innovation and reduce poverty through the provision of access to finance, insurance, and other services for low-income individuals who lack access to finance. I want to assure you that the government of Borno under my leadership will partner with Rayyan Microfinance Bank to serve our people,” he said.
Similarly, the Chairman of the Borno Elders Forum, Sheriff Gambo, praised the management of the bank and prayed for the sustainability of the initiative. “As elders, we commend this initiative, and we will continue to pray for sustainability. We wish them success and grant them our blessings,” he said.
