Borno State Governor Babagana Zulum has unveiled the Rayyan Microfinance Bank (RMFB) for non-interest-financing loans to the general public in the state.

The digitalised ethical-compliant bank is situated in Maiduguri, the Borno State capital.

According to him, the bank also provides a comprehensive range of banking solutions designed to meet the diverse needs of individuals and business outfits.

Speaking at the unveiling ceremony on Sunday at the Forshams’ Hall event centre, Zulum said: “The Microfinance bank is a critical tool for building resilience and fostering self-reliance among the people of Borno state.”

He highlighted the bank’s role in providing the financial backbone for the needs of dozens of communities to rebuild the livelihoods destroyed by the 16- year Boko Haram insurgency.

Besides providing the non-interest loans, the governor added: “Microfinance banks are crucial for driving financial inclusion, reducing poverty and promoting economic growth and development through what he described as rendering accessible financial services to small loans and savings accounts and insurances amongst others.”

He lamented that low-income individuals currently don’t have access to the traditional banking system in the country, Nigeria.

He added, “I want to commend the vision and tenacity of the Chairman and members of RMFB.

“I 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.”

While demonstrating the state government’s confidence in the new banking institution, Zulum also directed the State Ministry of Finance to open an account with Rayyan Microfinance Bank.

Following the unveiling of bank, Zulum formally handed it over to the public, urging residents, cooperative societies, and business owners to utilise its services to expand their businesses, support local enterprises, and contribute to the state’s economic revival for sustainable development of the communities.

Experts in the banking sector at the event also highlighted the economic potential of a non-interest banking system to promote ethical investments and foster inclusive economic growth and development.