Borno State Governor, Prof. Babagana Zulum, on Sunday formally unveiled Rayyan Microfinance Bank, a non-interest financial institution headquartered in Maiduguri, as part of efforts to strengthen economic recovery and expand financial inclusion in the state.
The unveiling ceremony, held at the Forshams Event Centre, Maiduguri, attracted stakeholders from the financial sector, academia, regulatory agencies and religious institutions.
Rayyan Microfinance Bank is designed as an ethical-compliant digital bank, offering non-interest financing and a range of banking products targeted at individuals, cooperative societies and small-scale businesses, particularly those underserved by conventional banking institutions.
Speaking at the event, Governor Zulum described the bank as a strategic platform for rebuilding livelihoods and promoting self-reliance among communities affected by years of insurgency and economic disruption in Borno State.
He said microfinance institutions play a critical role in poverty reduction and economic growth by providing low-income earners with access to essential financial services, including small loans, savings and insurance products.
“Microfinance banks are key drivers of financial inclusion. They provide the support many citizens need to start businesses, expand enterprises and improve their standard of living,” the governor said.
Zulum commended the vision and leadership of the bank’s board and management, assuring them of the state government’s willingness to collaborate in promoting non-interest banking as a viable component of Nigeria’s financial system.
To demonstrate confidence in the new institution, the governor directed the Borno State Ministry of Finance to open an official account with Rayyan Microfinance Bank.
He also urged residents, business owners and cooperative societies to leverage the bank’s services to grow their economic activities and contribute to the state’s long-term recovery and development.
The event featured lectures and goodwill messages from experts and stakeholders, who underscored the importance of non-interest banking in advancing ethical finance, inclusive growth and sustainable development.
