Zulum Unveils Rayyan Microfinance Bank to Boost Ethical Finance, Economic Recovery in Borno
Maiduguri — Borno State Governor, Professor Babagana Umara Zulum, on Sunday unveiled Rayyan Microfinance Bank, an ethical, non-interest digital banking institution headquartered in Maiduguri, as part of efforts to deepen financial inclusion and accelerate post-insurgency economic recovery in the state.
The unveiling ceremony, held at the Forshams Event Centre, drew government officials, financial regulators, scholars, religious leaders and business stakeholders, reflecting broad interest in the promise of ethical and non-interest banking for grassroots development.
Governor Zulum described the establishment of Rayyan Microfinance Bank as a strategic intervention aimed at building resilience, promoting self-reliance and restoring livelihoods disrupted by years of insurgency in Borno State.
“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 lack access to traditional banking systems in Nigeria,” the governor said.
Rayyan Microfinance Bank is positioned as an ethical-compliant digital bank offering non-interest financing products. According to its promoters, the institution will provide a wide range of banking solutions tailored to individuals, cooperatives and small businesses, while adhering strictly to ethical and non-interest financial principles.
Zulum commended the vision and perseverance of the bank’s chairman and management, assuring them of the state government’s readiness to collaborate in promoting non-interest banking as a viable tool for economic development.
“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 very important to our economy,” he stated.
In a strong demonstration of confidence in the new institution, the governor directed the Borno State Ministry of Finance to open an official account with Rayyan Microfinance Bank.
Following the formal unveiling, Zulum presented the bank to the public and urged residents, business owners and cooperative societies to take advantage of its services to expand their enterprises, strengthen local commerce and contribute to the state’s economic resurgence.
The event also featured keynote lectures and panel discussions by academics, representatives of regulatory agencies and religious scholars, who highlighted the potential of non-interest banking to encourage ethical investment, enhance financial inclusion and drive sustainable, people-centred growth in Borno State and beyond.