By Abdullahi Alhassan, Kaduna
Borno State Governor, Prof. Babagana Umara Zulum, on Sunday formally unveiled Rayyan Microfinance Bank, an ethical-compliant digital financial institution headquartered in Maiduguri, the state capital.
Rayyan Microfinance Bank operates on a non-interest banking model, offering ethical financing solutions alongside a broad range of banking services tailored to meet the needs of individuals, small businesses, and corporate organisations.
Speaking at the unveiling ceremony held at the Forshams Event Centre, Maiduguri, Governor Zulum described the bank as a strategic instrument for building economic resilience and promoting self-reliance among the people of Borno.
He noted that the institution would provide critical financial support to communities rebuilding their livelihoods after years of insurgency.
“Microfinance banks are crucial for driving financial inclusion, reducing poverty, and promoting economic growth by providing accessible financial services such as small loans, savings accounts, and insurance to low-income individuals who do not have access to traditional banking systems in Nigeria,” Zulum said.
The governor commended the vision and perseverance of the bank’s chairman and board members, assuring them of the state government’s readiness to collaborate in advancing the principles of non-interest banking.
“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 vital to our economy,” he added.
In a move that underscored the state government’s confidence in the new institution, Governor Zulum directed the Borno 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 leverage its services to expand their enterprises, strengthen local businesses, and contribute to the state’s ongoing economic recovery.
The event also featured keynote addresses and lectures by academics, representatives of regulatory agencies, religious scholars, and other stakeholders.
Discussions focused on the role of non-interest banking in promoting ethical investments and fostering inclusive and sustainable economic growth.
